Transcorp Power Plc (NGX: TRANSPOWER—TP: UR), in its unaudited Q1'25 results, delivered a strong financial performance, posting a PAT growth of 62.0% YoY to reach N32.6 billion, with an EPS of N4.35 (vs N2.69 in Q1'24). By our assessment, the company's robust topline performance was sufficient to assuage pressures from cost of sales (+52.4% YoY), impairments (+178.6% YoY), and administrative expenses (+74.1% YoY), amongst other cost lines.
In the period, revenue climbed 55.4% YoY to reach N105.4 billion with notable upticks in sales generated from capacity charge (+24.2% YoY to N28.1 billion) and energy delivered (+71.0% YoY to N77.3 billion) contracts. Also, TRANSPOWER earned N4.5 million in ancillary services, which captures earnings from blackstart operations and frequency control services provided. Cross-border power sales of spare capacity remained robust, contributing 26.8% of total revenue (vs 18.3% in Q1’24), while local sales accounted for c.73.2% of total revenue.
