Transcorp Power records profit of N50.97bn in 6 months
Transcorp Power Plc, has recorded profit before tax of N50.97 billion for the half year financial result ended June, 2024.
The amount represents a 214 per cent year-on-year growth from the N16.24 billion posted in first half of 2023.
The group profit after tax rise from N11.043 billion to N36.177 billion, representing an increase of N25.134 billion or 227.60 per cent.
The company result submitted at the Nigerian Exchange showed that Finance income moved up from N1.107 billion in 2023 to N2.655 billion as at June 2024 while finance cost rose to N3.983 billion from N3.207 billion recorded in the preceding year.
The power generation company which listed on the NGX in March 2024, recorded a revenue of N135.4 billion in the first half of 2024, indicating a surge of 142 per cent YoY growth from the N55.9 billion posted in the same period of last year.
The company result showed that, net profit increased to N36.8 billion, which is a 233 per cent year-on-year growth from the N11.0 billion net profit posted in the comparative period of 2023.
Operating profit up from N23.069 billion to N51.195 billion while gross profit increased to N62.976 billion from N26.708 billion at the end of June this year.
Within the period under review, the company recorded natural gas and fuel costs of N66.5 billion, marking a 166.5 per cent growth from N25 billion recorded in the same period of 2023. Transcorp Power also incurred a repairs and maintenance cost of N2.55 billion, representing an 81% hike from the N1.4 billion incurred in H1 2023.
The company’s administrative expenses surged by 233 per cent year-on-year to N8.8 billion, primarily driven by a significant 371 per cent YoY increase in management fees, which rose from N1.1 billion to N5.2 billion as of H1 2024.
According to the financial statements, the company is owed N190.9 billion, an increase of N77 billion, from N114 billion at the start of the year. However, its debt to gas suppliers also increased to N101.5 billion, reflecting a 49 percent increase from N68 billion at the start of the year.
