Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

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The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.