Transcorp Power Plc increased its profit performance in the first quarter of 2024 by more than 665% year over year, according to information that the electricity provider submitted to the market regulator. From N2.631 billion in the first quarter of 2023 to N20.140 billion over the time, its earnings increased dramatically.
Transcorp Power Plc’s market value surged to N2.827 trillion at a unit price of N377 on the stock market. Recently, the business listed 7,5 billion outstanding shares at N240. Its share price has been rising steadily since listing.
The firm said that revenue from contracts completed for clients increased by almost 223% year over year to N67.862 billion in Q1 from N21.040 billion in the comparable period, according to its unaudited financial statement.
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.
