society
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.
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 execution. Transcorp 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.
society
REJOINDER: SECURITY AGENCIES ARE NOT TOOLS OF INTIMIDATION BUT INSTITUTIONS OF JUSTICE
REJOINDER: SECURITY AGENCIES ARE NOT TOOLS OF INTIMIDATION BUT INSTITUTIONS OF JUSTICE.
The recent publication titled “Enugu Nursing College Faces Backlash for Using DSS, Police to Intimidate Student Nurse for Exposing Oppression” is a clear attempt to sensationalize a matter that is already before lawful authorities and to deliberately further tarnish the image of Ezzy International College of Nursing Sciences through emotional propaganda, half-truths, and social media trial.
For the avoidance of
doubt, the Department of State Services (DSS), the Nigeria Police Force, and other security agencies are constitutional institutions established by law to investigate complaints, establish facts, preserve public order, and ensure justice. Their involvement in any matter does not amount to intimidation. Rather, it reflects the lawful pathway for resolving allegations, especially where there are claims of cyber-bullying, defamation, unauthorized recordings, false publications, and dissemination of misleading information capable of damaging institutional reputation and public confidence.
It is therefore surprising that intellectually poor bloggers and such individuals who continuously make public allegations on social media suddenly describe lawful invitations by security agencies as “oppression.” One cannot publish accusations, circulate inflammatory contents online, mobilize public outrage, and then reject legal scrutiny when called upon to substantiate those claims before competent authorities.
Mr. Francis Nwapa and those behind these coordinated media attacks should understand that social media is not a courtroom, and activism requires truths and fairness that must not place anyone above the law. If allegations have been made publicly against Ezzy International College of Nursing Sciences and its leadership, then the proper and civilized response is to appear before the relevant authorities and provide evidence to substantiate such claims instead of resorting to media blackmail and emotional manipulation.
The attempt to portray every lawful investigation as victimisation is both irresponsible and dangerous. Security agencies are not established to entertain sentiments or online noise; they are empowered to determine truth from falsehood through a due process.
Or could it be that Mr.Francis Nwapa and his cohorts assume themselves untouchable and above the law, even when they churn out lies and deceits against legally established institutions on social media? If Nwapa claims to be the coordinator of Youth Rights Campaign (YRC), legal or illegitimate as it seems, should be able to know the duties of the DSS and the Police and accord them same respect. The group should know the law and its process. The group should have a learned legal profiled counsel to respond or educate their ignorance of the law. Needless to say that Mr. Francis Nwapa’s strategy of Cyber-bullying is a game the DSS and the police are so familiar with and cannot be cowed thereof.
The insinuation Mr. Nwapa made about transferring the case to Lagos for his convenience is baseless. He should have defined his jurisdiction before he went uncontrolled on social media space to write what he didnt understand. He should have asked questions on the location of the crime alleged. But, No. He went viral to disburse unfounded information which he claimed happened at a location he never knew. Now, he is being invited to Enugu where the alleged crime was committed, instead of yielding to the state of law, Francis is calling for public sympathy. He insinuates in the writing that investigation procedure be shifted to Lagos to accommodate his reporting ineptitude, rather than at Enugu where the petition and incidents took place. What a myopic view of the procedure! It is pertinent to note that the law does not recognize convenience.
Therefore, if invitations were extended by the DSS or Police, it is only proper for those involved to honour such invitations and clarify the numerous statements and allegations which they already circulated online.
Furthermore, it is important to remind the public that institutions have rules, ethical codes, and disciplinary procedures designed to protect professionalism, patient confidentiality, institutional integrity, and public trust. Unauthorized recording of patients, hospital environments, administrators, or internal communications and broadcasting them online without clearance may raise serious ethical and legal concerns, especially in professional healthcare training institutions.
It is also intellectually dishonest for certain groups to weaponize the current security challenges in Nigeria as an excuse to discredit lawful investigations.
The DSS and Police are capable of handling multiple responsibilities simultaneously, including investigating complaints relating to cyber harassment, defamation, false information, and conduct capable of inciting unrest. Mr. Francis, writing on his blog “Francis Nwapa Watch” on 15th of April called for proper investigation into the matter. The security agents yielded to that call and lunched investigations to establish the truth. Why is Mr. Nwapa afraid to dance the music he started beating its drums? Journalism is an age long profession practiced by men of seasoned value, honesty and integrity to uphold public truths. It is unfortune that Mr. Francis whose only known job is pest control and fumigation dabbled into a noble profession as journalism, untrained and unequipped to investigate truth before misinforming the public. More disheartening is that Francis might not know the huge negative impact he would be making to institutions and the public just because he afforded a cheap phone and data to post unverified information on blogs.
Dr. Gloria C. Bertram-Okoli and the management of Ezzy International College of Nursing Sciences have consistently demonstrated commitment to healthcare education, discipline, and institutional excellence. The college cannot and will not surrender its integrity to orchestrated campaigns of calumny or mob pressure driven by social media theatrics.
The public is therefore urged to disregard attempts to distort facts and to allow lawful authorities to carry out their constitutional duties without intimidation from activist groups seeking publicity. Justice is not established on Facebook posts, WhatsApp broadcasts, or media headlines, but through lawful investigation and evidence.
Meanwhile it is also contempt of the legal process as Mr. Nwapa continues to bully online and misinform the public about a matter which is already under investigation. The police had advised that all parties be invited to respond to questions.
The matter is being followed legally. Mr. Francis will do well to submit to legal procedure.
Those who have made allegations should courageously present their evidence before the appropriate authorities instead of portraying legitimate legal procedures as persecution. Truth does not fear investigation.
—Opinion—
society
ONDO EAST-WEST FEDERAL CONSTITUENCY APC ADOPTS OTUNBA BOLA FISAYO
ONDO EAST-WEST FEDERAL CONSTITUENCY APC ADOPTS OTUNBA BOLA FISAYO
Ahead of APC House of Representatives Election scheduled for Saturday 16th of May 2026, Ondo EAST-WEST Federal Constituency stakeholders have adopted Otunba Bola Olawafisayo as its flagbearer.
Rising from the stakeholders’ meeting held at Harmony Estate in Ondo city, a source close to Otunba Bola Olawafisayo disclosed that arrangements have been perfect and party members will formally adopt Otunba Bola Olawafisayo on Saturday the very day slated very for the primary.
society
Excitement as Zamfara Under Governor Lawal Begins Airlift of Pilgrims at Zamfara Airport
Excitement as Zamfara Under Governor Lawal Begins Airlift of Pilgrims at Zamfara Airport
There is palpable excitement in Zamfara State as the administration of Governor Dauda Lawal officially commenced the 2026 Hajj airlift for pilgrims from the Gusau Airport (GIA). In a historic move aimed at easing the pilgrimage process, the state government announced that the first batch of pilgrims who departed for the Holy Land today, Friday, 15th May 2026.
This milestone marks the fulfillment of Governor Lawal’s promise to make direct departures from Zamfara a reality, eliminating the need for pilgrims to travel to other states for airlift. However, the state government has issued a strict advisory to the public regarding conduct at the airport. To ensure security and facilitate the smooth coordination of the airlift operations, escorting pilgrims to the airport is strictly prohibited.
Family members and friends wishing to bid farewell to their loved ones are directed to do so only at the Hajj Camp. The restriction, according to officials, is a necessary measure to prevent congestion and maintain order at the airport premises. Officials confirm that the airlift is now underway at Gusau International Airport. The development has been met with widespread praise from intending pilgrims, who expressed relief at being able to begin their spiritual journey directly from their home state.
The Zamfara State Government extended its sincere gratitude to Governor Lawal for his commitment, emphasizing that the direct airlift reflects a new chapter of convenience and efficiency for the state’s annual Hajj operations.
-
news5 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society2 weeks agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips4 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips5 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’






