Transcorp Power records N105.4bn revenue in Q1

Transcorp Power Plc has recorded N105.4bn rrvenue the first quarter 2025, the company said in the unaudited interim financial statements to the Nigeria Exchange Limited.

The revenue for the period under review is 55.3 percent higher from N67.9bn recorded in the same period of 2024.

The company’s unaudited interim financial statements showed a corresponding rise in profit after tax, which jumped by 62.1 per cent to N32.6bn in the first quarter of 2025, up from N20.1bn in the same period last year.

This performance was driven by operational efficiency as gross profit rose to N55bn from N34.8bn, reflecting a 58.1 per cent growth. Despite a 52.3 per cent increase in cost of sales to N50.4bn, operating profit stood at N44.5bn, up from N29.4bn in 2024.

Administrative expenses increased by 74.2 per cent to N7.5bn, while impairment loss on financial assets more than doubled to N3bn. Finance income rose by 34.3 per cent to N1.7bn, but was outpaced by finance costs which grew by 26.6 per cent to N2.8bn. The company also recorded a foreign exchange loss of N250.4m in the period under review.

Total comprehensive income stood at N32.6bn, with basic and diluted earnings per share rising to N4.35 from N2.69 in the previous year.

From a balance sheet perspective, total assets climbed to N447bn as at 31 March 2025, from N397bn in December 2024.

This was bolstered by a 18.2 per cent rise in current assets, particularly trade and other receivables which surged to N352.7bn. Non-current assets, however, dipped slightly to N86.3bn.

Total equity rose to N133bn from N126.6bn at the end of 2024, while liabilities increased to N314bn due to higher borrowings and tax obligations. Current liabilities accounted for the bulk of the debt at N263.5bn, driven by trade payables and current tax liabilities.

In terms of cash flow, the company recorded a net outflow of N3.5bn, with cash and cash equivalents closing at N4.9bn, down from N8.3bn at the end of 2024.

Transcorp Power Plc’s major shareholders as of the reporting period include Transnational Corporation Plc with 50.99 per cent, Rich Point Limited with 32.25 per cent, and Woodrock Energy Resources Limited with 6.4 per cent.