Transcorp Power Plc has delivered a commanding performance in the first quarter of 2025, reporting a pre-tax profit of N43.283 billion, a remarkable 50.43% increase from N28.772 billion in the same period last year.

Profit after tax came in at N32.637 billion, representing a 62% year-on-year leap, further affirming the company’s dominance and operational strength in Nigeria’s power sector.

The company, which transitioned from Transcorp Power Limited to a publicly listed entity, posted revenue of N105.442 billion for the quarter, up 55.38% from N67.862 billion recorded in Q1 2024.

This Q1 figure already represents 34.5% of its total 2024 revenue, positioning the company well ahead of pace for another robust year if current momentum holds.

Energy delivery remains the core revenue driver, contributing 73% to total revenue.

Notably, international revenue rose to 26.82%, up from 18% last year, signaling increased cross-border market penetration and a clear effort to diversify its income streams beyond the local market.

Despite an increase in cost of sales to N50.412 billion, a 52.38% rise driven primarily by natural gas and fuel inputs that make up 91% of the company’s direct costs, Transcorp Power still managed to lift its gross profit by 58.23% year-on-year to N55.031 billion.

This pushed its gross margin to a solid 52%, underscoring continued efficiency in operations.

Administrative expenses rose by 74.14% to N7.453 billion, slightly narrowing the company’s operating profit margin to 42%.

However, operating profit itself rose to N44.454 billion, up 51.46% from the previous year, while net finance costs rose modestly by 15.26% to N1.012 billion, reflecting prudent financial management in a tight rate environment.

Earnings per share came in at N4.35, marking a 61.71% increase from Q1 2024.

That figure already exceeds 40% of the total EPS for full-year 2024, pointing to a strong trajectory for surpassing last year’s earnings and sending a promising signal to investors.

The company’s balance sheet also saw meaningful growth, expanding by 13% in just three months to N447 billion.

Trade and other receivables now account for 79.8% of total assets, a familiar challenge in Nigeria’s power sector that underscores the sector’s structural issues.

On the market front, Transcorp Power shares have delivered a modest year-to-date gain of 1.39% in 2025, following a stellar 36.33% rise in 2024 that pushed its market capitalization to N2.7 trillion.

This performance secures its position as one of Nigeria’s most valuable listed companies.

Transcorp Power’s first-quarter results reflect a blend of scale, efficiency, and strategic expansion, particularly with its growing international footprint.

While cost pressures remain, the company’s ability to maintain profitability and strengthen its balance sheet highlights its resilience in a complex and evolving power landscape.