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.
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.

Highlights
•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.
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.

Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy.

He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America.

He noted that the fiscal authority and the Central Bank of Nigeria, CBN, have collaborated to attract foreign investment through securities issuance.

“A large part of the securities that have been sold, the dollars come, and they get naira in exchange and use it to invest in securities,” Edun explained.

“Out of N8 trillion that has roughly been issued in securities by the CBN and ministry of finance, the majority has come from treasury bills, treasury certificates.

“It is showing the complementarity of the CBN, signalling by the fiscal authorities rising to the challenge of providing enough merchandise for foreigners to bring their dollars and invest in naira securities,” he stated.

The Revenue Mobilization Allocation and Fiscal Commission has said that N7.3 trillion was remitted into the Federation Account in the last six months of 2023, indicating an increased revenue inflow.

RMAFC Chairman, Mr Mohammed Bello Shehu, disclosed this in a statement on Thursday.

He stated that the amount the Federation Account Allocation Committee shared was remitted to the Central Bank of Nigeria under the caption “CBN Federation Account Component Statement”.

The commission reported that the amount is higher than the N5.24 trillion realised during the first half of 2023.

According to Shehu, out of the total gross revenue inflows into the Federation Account, N1.69 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475bn for distribution.

On remittances by Revenue Generating Agencies, the RMAFC boss disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited remitted N874 64bn in the second half of the year as against the zero-remittance made in the first half of the year.

Accordingly, the Nigerian Upstream Petroleum Regulatory Commission also remitted the sum of N1.56tn, while the Federal Inland Revenue Service remitted the sum of N3.65tn.

The government received a boost in its earnings following the removal of fuel subsidies and the current administration’s unification of the foreign exchange market in June last year.

He, however, urged that payment of the cost of collection to revenue-generating agencies should be tied to revenue performance targets.

“We strongly advocate that payment of the cost of collection to RGAs should be tied to revenue performance.

“In other words, each RGA should receive a cost of collection commensurate with the revenue generated against its revenue target, as provided for in the Appropriation Act,” he stated.