Transcorp Power Plc, also known as Transcorp Power, reported N67.86 billion in revenue for the quarter that concluded on March 31, 2024, on Friday.
The amount represents a notable 223 percent increase from the N21.04 billion reported in the first quarter of 2023.
This was disclosed in the electricity generating company’s unaudited financial report, which was made available in Lagos, for the period ending March 31.
Transcorp Power reported that its Profit Before Tax (PBT) increased to N28.77 billion in the first quarter of 2024 from N3.29 billion in the same period the previous year, a 775 percent increase.
In the first quarter of 2024, the company’s Profit After Tax (PAT) increased by 665% year over year to N20.1 billion, from N2.6 billion in the same period the previous year.
The total assets of the electricity-generating subsidiary increased as well, rising from N223.3 billion in the same period of 2023 to N276.2 billion in the first quarter of 2024.
Transcorp Power’s Chief Financial Officer, Mr. Evans Okpogoro, commented on the financial highlights, stating that the company’s first quarter results for this year showed a cost to income ratio of 70% and a gross margin of 51%.
According to Okpogoro, the company also reported a gross margin of 37%, an expense-to-income ratio of 87%, a net profit margin of 13%, and a net profit margin of 30% as of the first quarter of 2023.
He stated that this highlighted the remarkable operational efficiency gains of the company.
