Transcorp Power Plc has posted a revenue of N105.4 billion for the period ended March 31, 2025, marking a significant 55.3 percent increase from N67.9 billion recorded in the same period of 2024.
The company confirmed this in its unaudited interim financial statements released on the Nigeria Exchange Limited on Thursday.
It showed a corresponding rise in profit after tax, which jumped by 62.1 percent to N32.6 billion in the first quarter of 2025, up from N20.1 billion in the same period last year.
This performance was driven by operational efficiency as gross profit rose to N55 billion from N34.8 billion, reflecting a 58.1 percent growth.
Despite a 52.3 percent increase in cost of sales to N50.4 billion, operating profit stood at N44.5 billion, up from N29.4 billion in 2024.
Administrative expenses increased by 74.2 percent to N7.5 billion, while impairment loss on financial assets more than doubled to N3 billion.
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Finance income rose by 34.3 percent to N1.7 billion, but was outpaced by finance costs which grew by 26.6 percent to N2.8 billion.
The company also recorded a foreign exchange loss of N250.4 million in the period under review.
Total comprehensive income stood at N32.6 billion, 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 N447 billion as at March 31, 2025, from N397 billion in December 2024.
This was bolstered by a 18.2 percent rise in current assets, particularly trade and other receivables which surged to N352.7 billion.
Non-current assets, however, dipped slightly to N86.3 billion.
Total equity rose to N133 billion from N126.6 billion at the end of 2024, while liabilities increased to N314 billion due to higher borrowings and tax obligations.
Current liabilities accounted for the bulk of the debt at N263.5 billion, driven by trade payables and current tax liabilities.
In terms of cash flow, the company recorded a net outflow of N3.5 billion, with cash and cash equivalents closing at N4.9 billion, down from N8.3 billion at the end of 2024.
Dividends paid during the quarter amounted to N26.3 billion, a significant rise from N11.3 billion in the preceding year.
Transcorp Power Plc major shareholders as of the reporting period include Transnational Corporation Plc with 50.99 percent, Rich Point Limited with 32.25 percent, and Woodrock Energy Resources Limited with 6.4 percent.
Transcorp Power Plc has declared a revenue growth of 115 percent in 2024, amounting to N305.9 billion and an operating profit after tax of N80.01 billion.
The Managing Director/Chief Executive Officer of Transcorp Power Plc, Peter Ikenga, said: “We delivered a strong performance in Q1 2025, reflecting our disciplined execution, reliable operations, and unwavering focus on efficiency.
“Despite the challenges impacting the sector, we continue to optimise our generating capacity from 500MW in Q1 2024 to 625MW in Q1 2025.
“We remain firmly committed to delivering long-term value for our shareholders while powering progress across Africa.”
Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation Plc, Africa’s leading, listed conglomerate, with strategic investments in the power, hospitality, and energy sectors.
Transcorp Power is committed to creating value, driving economic growth, and ensuring social goods, through access to electricity supply.
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