• Wed. Jul 17th, 2024

Transcorp Group Achieves Remarkable Q1 2024 Performance With 173% Revenue Growth, N45 Billion PBT


May 3, 2024

Transnational Corporation Plc (Transcorp), Nigeria’s premier conglomerate with investments spanning the power, hospitality, and energy sectors, has unveiled its impressive financial results for the first quarter of 2024, showcasing remarkable growth and resilience despite prevailing challenges.

In its unaudited Q1 2024 financial report, Transcorp reported a staggering 173% year-on-year increase in revenue, soaring to N88.6 billion from N32.4 billion in the corresponding period of 2023. This outstanding performance underscores the Group’s strategic initiatives and operational efficiency across its diverse portfolio.

A standout contributor to the stellar results is the power business segment, which witnessed an extraordinary 209% year-on-year revenue surge, signaling significant progress in Transcorp’s integrated power strategy implementation. Meanwhile, the hospitality business achieved a commendable 68% year-on-year revenue growth, driven by an uptick in occupancy rates from 75% to 82% compared to the previous year.

Key highlights from Transcorp Group’s Q1 2024 results include:
– Operating income skyrocketed by 479% to N49.1 billion from N8.5 billion in Q1 2023.
– Operating expenses rose by 40% year-on-year to N8.2 billion in Q1 2024, reflecting the impact of inflation and operational costs.
– Net finance cost increased by 14% to N3.7 billion in 2024, attributed to a slightly higher interest rate review in line with the Monetary Policy Rate (MPR).
– Profit before tax from ordinary business surged by an astonishing 1110% to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023.
– Profit before tax, inclusive of extraordinary income, reached N45.7 billion in 2024, compared to N2.9 billion in 2023, with the Group recording an extraordinary income of N11 billion from the realized gain on the sale of shares.
– Profit after tax, including extraordinary income, witnessed a remarkable 1832% year-on-year improvement, reaching N35.9 billion in Q1 2024 compared to N1.9 billion in Q1 2023.
– Earnings per share surged to N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
– Total assets grew by 8.3% to N574 billion in Q1 2024 from N530 billion in December 2023, reflecting increased operational activities.
– Shareholders’ funds increased by 20% to N224 billion in Q1 2024 from N187 billion in December 2023, driven by profit accreted to retained earnings.

Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, expressed satisfaction with the Group’s performance, attributing it to resilience, operational efficiency, and strategic execution. He emphasized Transcorp’s commitment to sustainable growth, operational excellence, and shareholder value creation amidst evolving market dynamics.

This notable achievement underscores Transcorp’s strategic focus and effective execution, reaffirming its dedication to transformation and long-term value creation for shareholders.

About Transnational Corporation Plc (Transcorp Plc):
Transnational Corporation Plc (Transcorp Group) is a leading African conglomerate with strategic investments in the power, hospitality, and energy sectors. Driven by its mission to improve lives and transform Africa, Transcorp has built a reputation for sector transformation, operational excellence, and exceptional financial performance, delivering value to its shareholders.

In the power sector, Transcorp’s businesses – Transcorp Power Plc and Transafam Power – contribute over 16% of Nigeria’s installed power capacity. Through investments in the energy sector, including OPL287, Transcorp is developing Nigeria’s domestic energy value chain. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja and Aura by Transcorp Hotels, a digital hospitality platform enabling travelers to book accommodation across Africa.

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