By SpringNewsNG

Transcorp Power Plc has reported a strong financial performance for the first quarter of 2025, with revenue hitting N105.4 billion, representing a 55.3% increase from the N67.9 billion recorded in the same period in 2024.

According to its unaudited interim financial statements filed with the Nigerian Exchange Limited (NGX) on Thursday, profit after tax also rose sharply by 62.1%, climbing to N32.6 billion from N20.1 billion in Q1 2024.

The company’s impressive results were driven by improved operational efficiency. Gross profit surged to N55 billion, up from N34.8 billion, reflecting a 58.1% growth, despite a 52.3% increase in the cost of sales, which stood at N50.4 billion.

Operating profit rose to N44.5 billion, compared to N29.4 billion in the corresponding quarter of 2024. However, administrative expenses jumped by 74.2% to N7.5 billion, while impairment losses on financial assets more than doubled to N3 billion.

While finance income grew by 34.3% to N1.7 billion, it was offset by finance costs of N2.8 billion, up 26.6%. The company also recorded a foreign exchange loss of N250.4 million.

Earnings per share rose to N4.35, compared to N2.69 in the previous year. Total comprehensive income for the period stood at N32.6 billion.

On the balance sheet, total assets increased to N447 billion as of March 31, 2025, up from N397 billion in December 2024. This growth was mainly driven by an 18.2% rise in current assets, with trade and other receivables climbing to N352.7 billion. However, non-current assets dipped slightly to N86.3 billion.

Total equity rose to N133 billion, while liabilities jumped to N314 billion, largely due to higher borrowings and tax obligations. Current liabilities made up the bulk at N263.5 billion, driven by trade payables and taxes.

In terms of liquidity, the company saw a net cash outflow of N3.5 billion, ending the quarter with N4.9 billion in cash and cash equivalents, down from N8.3 billion at the close of 2024.

Dividends paid during the quarter rose significantly to N26.3 billion, compared to N11.3 billion in the same period last year.

Major shareholders in Transcorp Power Plc as of the reporting date include:

• Transnational Corporation Plc – 50.99%
• Rich Point Limited – 32.25%
• Woodrock Energy Resources Limited – 6.4%

According to previous reports by The PUNCH, Transcorp Power had earlier declared a 115% revenue growth in 2024, with annual revenue reaching N305.9 billion and profit after tax at N80.01 billion.

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