Transcorp Power Plc, a member of the Transnational Corporation of Nigeria (Transcorp) Group, on Wednesday presented its unaudited financials for the half-year ended June 30, 2024, showing triple-digit growth in turnover and profit, following which the directors are delighting shareholders with an interim dividend of N1.50 per share, from the Earnings Per Share of N4.90 each.
According to the result presented to the Nigerian Exchange Limited, revenue for the period grew from N55.9bn in the first half of 2023 to N135.4bn, representing a growth of 142% year-on-year, while cost of sales increased to N72.466bn from N29.225bn, representing a N43.241bn or 147.95% growth; leaving gross profit at N62.976bn, up from N26.708bn.
Other operating income dropped from N312.409m to N21.156m; impairment loss on financial assets jumped to N2.994bn from N1.304bn; while administrative expenses soared from N2.647bn to N8.807bn; resulting in operating profit improved to N51.195bn from N23.069bn.
Finance income rose to N2.655bn from N1.107bn; while finance cost rose marginally from N3.207bn to N3.983bn.
Foreign exchange gain stood at N11.103bn, compared to the previous loss of N4.729bn.
Profit before tax grew by 214% to N50.9bn, compared to the previous N16.239bn; income tax expense grew from N5.196bn to N14.194bn; leaving net profit at N36.777bn, compared to the previous N11.043bn.
Reacting to the result, in a statement by Stanley Chikwendu, the Group Company Secretary, Peter Ikenga, Managing Director/Chief Executive of the company, attributed it to the company’s strategic vision and relentless pursuit ofexcellence.
According to him, “this positive performance across key indicators emphasizes our agility and ability to navigate complex market dynamics effectively. We recognize the criticality of power to unlocking the value in our dear country, Nigeria and we remain committed towards our goal of bridging the energy gap in our country. We will continue to execute our maintenance programme and make the necessary investments to increase our power generating capabilities.”
Also commenting, Emmanuel Nnorom, Chairman of the company said the impressive results underscores its resilience and operational excellence while navigating the complex power landscape.
His words: “The interim dividend of N1.50 is a testament to our commitment to create value and spread wealth to all our shareholders. The half year performance also further reinforces our consistent upward growth trajectory year on year and confidence that Transcorp Power will continue to deliver exceptional performance in the future. Our shareholders are assured of sustained high level of performance and superior returns for their investment in Transcorp Power.”
Transcorp Power was listed on the Nigerian Exchange (NGX) earlier this year, and has continued to show impressive growth, attaining a market capitalisation of N2.8tr up from its listed market value of N1.8tr.
