Transcorp Power Posts Profit Before Tax Of N43.3bn In Q1

Transcorp Power Plc has posted a profit before tax of N43.3 billion in its unaudited results for the first quarter (Q1) ended March 31, 2025.

The company, which is the power subsidiary of Africa’s leading and listed conglomerate, Transnational Corporation Plc grew its pre-tax profit by 50 per cent, from N28.8 billion in Q1, 2024 to N43.3 billion in Q1, 2025. Net profit stood at N32.637 billion compared to N20.141 billion in Q1, 2024, while earnings per share rose by 61.71 per cent Y-o-Y to N4.35.

Revenue up by 55 per cent year-on-year to N105.4 billion from N67.9 billion. Cost of sales grew by 52.38 per cent to N50.412 billion as against N33.084 billion, while gross profit grew by 58.23 per cent to N55.031 billion from N34.779 billion in Q1, 2024.

Transcorp Power said that “this strong performance was primarily driven by an increased available capacity of 625MW compared to 500MW in Q1, 2024. This growth has been achieved notwithstanding the liquidity challenges in the sector, showcasing our commitment to closing the power supply gap in the country.”

Speaking on the company’s performance, MD/CEO 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.

He added that “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.”

In September 2012, during the privatisation of Nigeria’s national power assets, Transcorp Plc won the bid for the federal government’s distressed power generating company, Ughelli Power Plc, operator of Ughelli Power Plant. The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative. In November 2015, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited was born. The merger harmonized the management and operations of Transcorp’s power business for greater efficiency.