Transcorp Power Profit Skyrockets by 665% to N20bn in Q1
Transcorp Power Plc bolstered profit performance by more than 665% year on year in the first quarter of 2024, details from the power generating company filed with market regulator showed. Its profit for the period grew to N20.140 billion, a steep increase from N2.631 billion in the first quarter of 2023.
In the stock market, Transcorp Power Plc’s market value has spiked to N2.827 trillion at unit price of N377. The company recently listed 7,5 billion shares outstanding at N240. Since listing, its share price has continued to make an uptrend.
According its unaudited financial statement, the company said revenue generated from contract executed for customers rose by about 223% year on year to N67.862 billion in Q1, from N21.040 billion in the comparable period in 2023.
Transcorp Power unaudited financial statement revealed that a significant surge in its top line was driven by a steep income growth from capacity charged and energy delivered in the period.
Breakdown showed that revenue generated from capacity charge grew to N22.264 billion in Q1, translating to 215% year on year growth when compared with N7.066 billion the company reported in Q1-2023.
Revenue from energy delivered by Transcorp Power Plc rose to N45.231 billion in the same period, up from N13.97 billion in Q1-2023, translating to more than 225% year on year growth.
It further explained that of the total revenue, Transcorp Power generated N55.429 billion (N17.423 billion in Q1-2023) from local customers, while the company raked in N12.442 billion (N3.616 billion in Q1-2023) from international customers.
