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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

 

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

 

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective executionTranscorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

 

About Transnational Corporation Plc (Transcorp Plc)

Transnational Corporation Plc (Transcorp Group) is a leading, listed 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 longstanding 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 – provide over 16% of Nigeria’s installed power capacity. Through its investments in the energy sector including OPL287, Transcorp is developing Nigeria’s domestic energy value chain. The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and Aura by Transcorp Hotels, a digital hospitality platform enabling travellers to book accommodation across Africa.

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Eminent Lawyer: Prophet Israel Oladele Ogundipe ‘Genesis’ Applauds Barr. Oluwapelumi Jacob Olajengbesi’s Outstanding Legal Prowess

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Eminent Lawyer: Prophet Israel Oladele Ogundipe ‘Genesis’ Applauds Barr. Oluwapelumi Jacob Olajengbesi’s Outstanding Legal Prowess
… Opens a Multimillion Naira Abuja Chamber

It is essential to illustrate, without resorting to sensationalism or witch-hunts, the intimate and cordial relationship between celebrated World Televangelist Prophet Israel Oladele Ogundipe, fondly referred to as Genesis, and a proactive, renewed Abuja-based lawyer and human rights activist, Oluwapelumi Jacob Olajengbesi

 

 

Evidently, this positions everyone to believe any assertion Prophet Oladele makes about Olajengbesi. As the well-known Lagos prophet briefed the media in Lagos, he spoke about what attracted him to the Abuja-based lawyer and human rights activist.

 

 

He further expressed that his passion for championing the cause of the less privileged and the oppressed is what truly captivates and inspires his unwavering love.

 

According to Prophet Israel Oladele Ogundipe, Barrister Pelumi Olajengbesi earns his enduring respect and admiration for prioritizing the plight of the oppressed, despite being born into affluent circumstances with humble beginnings.

 

 

Olajengbesi reportedly embarked on studying law at a prestigious university, driven by his desire to challenge oppressors and individuals who wield significant power in the country, believing themselves to be above challenge.

 

 

In addition, Prophet Genesis extols the virtues of the esteemed Barrister Olajengbesi, who views himself as an advocate for the voiceless populace and a crusader for the authentic liberation of the people.

 

In addition to his praise, Prophet Genesis values his love for God and humanity, and also extended congratulations to Barrister Pelumi Olajengbesi, co-founder of Law Corridor, a law firm based in Abuja, on the launch of his new multi-millionaira chambers

He concluded by saying a heartfelt prayer that Barrister Pelumi will continue to grow and have a greater impact in Jesus’ name.

Oluwaseun Fabiyi a seasoned journalist writes from Lagos.

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You are a precious gem to me; Prophet Genesis marks Kemi King’s birthday with inspiring tributes and admiration

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You are a precious gem to me; Prophet Genesis marks Kemi King’s birthday with inspiring tributes and admiration.

 

Prophet Israel Genesis, a prominent televangelist, honors Kemi King, a woman of exceptional beauty and substance, on her birthday

I would also like to extend my admiration for her as an active and illustrious daughter of mine, an exceptional individual whose influence will forever be treasured in my life, exceeding the worth of diamonds, gold, and oil wells. I am deeply indebted to her for her unwavering commitment to supporting countless people around the world and myself

Your birthday provides an outstanding opportunity to acknowledge God’s kindness in your life and honor the wonderful gift that you are to many of us

Kemi Kemo the King, whom I fondly address as such, you embody a unique blend of sisterly love and angelic compassion, making you a precious gift to humanity, and as we celebrate your birthday, I express my heartfelt appreciation for your unwavering dedication to your family and community

On this wonderful day, at the same time, a dedicated black and shining pretty woman was born, she remains a trailblazer, an humble and spiritually nourished, a woman who can handle matters with wisdom, a woman who can let go even when provoked, a woman with quoted and unquoted vibes

As you mark another year of existence, I rejoice with you and express my heartfelt wishes for a bright and prosperous future. May the divine blessings of good health, happiness, and smooth realization of your aspirations be bestowed upon you, and may your labor yield rich dividends without obstacles

Please accept my heartfelt birthday greetings, my charming angel. I wish you continued success, happiness, and fulfillment in all aspects of your life. And many happy returns of the day

Oluwaseun Fabiyi a seasoned journalist writes from Lagos

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OTUNBA WASIU JAIYEOLA BAGS TASUED’S DOCTORATE DEGREE

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OTUNBA WASIU JAIYEOLA BAGS TASUED’S DOCTORATE DEGREE

 

In recognition of his impactful contributions to clothing and textile industry in Ogun state in particular and Nigeria in general, the Governing Council of Tai Solarin University of Education, ijagun is set to honour the Founder of Wessy Creations, Otunba Jaiyeola Wasiu, with the Doctor of Science, D.sc Ed (Honoris causa) in Textile and Clothing.

The letter of conferment of the award dated September 30, 2024 with reference number TASUED/REG.122/VOL.1/006 and signed by the Vice-Chancellor of the institution, Prof. Oluwole Banjo, indicated that: “The Award is in recognition of your passion for education, and numerous contributions to the advancement of human race in general.”

The letter reads further: “The University takes special recognition of your numerous professional achievements and community services, including your exemplary leadership roles in our Nation as an elder statesman whose modest achievements and accomplishments represent the idea of integrity and selflessness, which our University stand for.
“The University joins well-meaning Nigerians in celebrating your humble, worthy, and outstanding legacies in the service of humanity.
“We also congratulate you and your family on your many notable achievements in life”.

The conferment ceremony is slated for Thursday, 28th November, 2024 at the School Auditorium in Ijagun, Ijebu-Ode, Ogun State.

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