Transcorp Power Plc (Formerly Transcorp Power Limited) has reported a pre-tax profit of N52.76 billion for the year ended 31 December 2023, marking an impressive 84.4% YoY increase.
According to the company’s annual reports and accounts, Transcorp Power reported revenue of N142.122 billion, representing a 57% increase from the N90.349 billion reported the year prior.
Approximately 67% of this revenue stemmed from energy delivered, and 33% attributed to capacity charges.
Since its listing by introduction on March 4, 2024, Transcorp Power has experienced a notable 42.8% YtD increase in its share price, leading to a market capitalization of N2.83 trillion and ranking it 18th on the NGX in terms of year-to-date performance.
Additionally, impairment losses on financial assets, administrative expenses, and foreign exchange losses remain elevated. If not managed effectively, these factors have the potential to negatively impact the company’s bottom line in subsequent periods.
Furthermore, the growth in total assets, particularly the increase in cash and cash equivalents, has positively influenced the company’s net debt, which decreased by 23.35% to N30.944 billion from N40.370 billion in 2022.
This improvement has also impacted the company’s gearing ratio, which declined to 35% from 51% in 2022.
Overall, there is a notable increase in return on equity (52%), despite the rise in shareholders’ funds.
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