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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.

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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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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.

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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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Middle Belt group convenes meeting to addres insecurity, starvation

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Middle Belt group convenes meeting to addres insecurity, starvation 

Middle Belt group convenes meeting to addres insecurity, starvation

 

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By Ifeoma Ikem

 

 

 

 

 

 

 

Sahara Weekly Reports That The United Middle Belt Indigenous Peoples Congress (UMBIPC) will convene an extraordinary session of its national executives in Abuja this Saturday.

 

 

 

 

 

Middle Belt group convenes meeting to addres insecurity, starvation 

 

 

 

 

 

The meeting, themed “Insecurity, Starvation, and the Need for Peace-building across the Middle Belt of Nigeria,” will address the escalating attacks and killings of farmers and villagers in the region, amidst widespread hunger and poverty.

 

 

 

 

 

 

 

 

 

 

 

 

 

According to UMBIPC’s President-General, Barr. Abuka Omababa, the session aims to find strategic solutions to the crisis, promote peace and unity, and unlock the region’s economic potential.

 

 

 

 

 

 

 

 

 

 

 

 

 

He emphasized that the meeting is crucial, as the Middle Belt faces unprecedented challenges, and its people can no longer afford to be passive in the face of violence and neglect.

 

 

 

 

 

 

 

 

 

 

 

 

Omababa described the ongoing attacks as an aberration, stressing that the Middle Belt people are peace-loving and should not be taken for granted.

 

 

 

 

 

 

 

 

 

 

 

 

 

He warned that the indigenous people will not be seen as weak and will explore all options to ensure their self-preservation and survival.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The meeting seeks to chart a path towards lasting peace, where everyone can live safely and securely, without fear of harm.

 

 

 

 

 

 

 

 

 

 

 

 

 

Omababa reiterated that the ultimate goal remains a united and progressive Nigeria, but the immediate priority is the survival and well-being of the Middle Belt people.

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Why nigerians in the diaspora should first look out for features of a property before investing by Dennis Isong

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Why nigerians in the diaspora should first look out for features of a property before investing by Dennis Isong 

Why nigerians in the diaspora should first look out for features of a property before investing by Dennis Isong

 

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Sahara Weekly Reports That It may be tasky for Nigerians in the diaspora to be able to identify what a property entails if they have not been in Nigeria for a while. However, when property features and neighborhoods are highlighted in a property listing, it helps with making informed decisions.

 

 

 

 

Why nigerians in the diaspora should first look out for features of a property before investing by Dennis Isong 

 

 

 

 

Nigerians in the diaspora considering investing in property back home should prioritize assessing the features of a property thoroughly for several reasons:

1. Ensuring Value for Money:

The neighborhoods of the property’s location significantly influences its value. Proximity to essential amenities like schools, hospitals, markets, and transportation can enhance a property’s attractiveness and market value.

 

The dimensions of the property features, including the number of rooms, bathrooms, and overall layout, should match the buyer’s needs and justify the price.

 

 

Evaluating the condition of the property, including the quality of construction, age, and any need for repairs or renovations, helps ensure that the investment is sound and that there won’t be hidden costs post-purchase.

2. Maximizing Rental and Resale Potential:

Properties with modern amenities (e.g., reliable water supply, power backup, security systems) and features (e.g., parking spaces, green spaces) tend to attract higher rents and better resale values.

 

Understanding Lagos real estate market can help investors choose properties that are in demand, ensuring they can quickly find tenants or buyers.

3. Avoiding Scams and Fraud:

Cross-checking the advertised features with the actual property helps verify the legitimacy of the deal. Scammers often misrepresent properties to deceive buyers.

 

Ensuring the property has a clear title and all necessary documentation prevents legal disputes and confirms ownership.

4. Personal Satisfaction and Suitability:

For those planning to use the property personally, it’s crucial that the property aligns with their lifestyle and preferences. Features like the number of bedrooms, kitchen size, and backyard space can significantly impact living quality.

 

Features that allow for future expansion or modifications can be crucial for long-term satisfaction and adaptability.

5. Investment Stability and Appreciation:

Properties in economically stable and growing areas tend to appreciate more reliably, providing a secure investment.

 

Areas with ongoing or planned infrastructure developments (like new roads, public transport, or commercial hubs) often see a boost in property values over time.

HOW CAN YOU CONFIRM THE FEATURES AND NEIGHBORHOODS OF A PROPERTY LISTING IN ABSENTIA?

 

1. Ask the realtor to do a video.

 

2. Send a trusted person to confirm.

 

3. Do a video call for confirmation.

 

4. Ensure what was listed match with what’s shown in the video.

 

5. Check the map.

 

 

 

 

I hope you learned something new? Kindly scroll down to save my number and send a message.

 

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE.

For Questions WhatsApp/Call 2348164741041

 

 

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You Don’t Mean Well For Tinubu, Group Tells Wike, Allies For Disregarding Rivers Peace Accord

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*You Don’t Mean Well For Tinubu, Group Tells Wike, Allies For Disregarding Rivers Peace Accord

 

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The Oduduwa Solidarity Network (OSN) has slammed the FCT Minister, Nyesom Wike and his allies for undermining President Bola Tinubu by violating the Rivers State Peace Accord.

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The group said the actions and utterances by Wike and his supporters are unacceptable and undermine the dignity of the office of the President.

In December 2023, Governor Siminalayi Fubara signed an agreement with his predecessor, Wike, to end the political crisis in Rivers state.

An eight-point peace deal was brokered by President Tinubu and other stakeholders at a crucial meeting in the Presidential Villa, Abuja.

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But in a statement signed by Otunba Gbenga Aremu, the group said Wike has chosen to brazenly violate the terms of the agreement, perpetuating a culture of violence, intimidation, and division.

Aremu noted that Governor Fubara, meanwhile, has adhered to all aspects of the deal, including withdrawing all court cases.

“The Oduduwa Solidarity Network is utterly dismayed and disappointed by the flagrant disregard for the peace accord signed by Nyesom Wike and Governor Siminalayi Fubara of Rivers State. This accord, brokered by President Bola Tinubu and other stakeholders, aimed to bring an end to the political crisis in Rivers State and usher in a new era of peace and cooperation, “ Aremu said.

“Instead, Wike has chosen to brazenly violate the terms of the agreement, perpetuating a culture of violence, intimidation, and division. His actions are a clear affront to the authority of President Tinubu, a betrayal of the trust placed in him, and a slap in the face to the people of Rivers State who yearn for peace and progress.

“We condemn in the strongest terms Wike’s sustained attacks on Governor Fubara and his administration, particularly through the state assembly members. His public outbursts and inflammatory rhetoric have created an atmosphere of fear and uncertainty, undermining the progress made towards peace and stability in the state.

“Wike’s behavior is a stark reminder of the divisive and reckless politics that has held our country back for too long. His refusal to respect the authority of the President is a disservice to the people of Rivers State and Nigeria as a whole.

“Nigeria deserves better than the petty politics and divisive rhetoric that Wike has displayed. We must all strive to build a more united and prosperous nation for ourselves and future generations.

“Furthermore, we are appalled by Wike’s refusal to acknowledge the efforts made by Governor Fubara to implement the agreements, including the re-appointment of the nine pro-Wike commissioners who resigned their positions in the heat of the crisis and payment of the withheld entitlements of the lawmakers.

“We demand that Wike takes immediate responsibility for his actions and apologizes to Governor Fubara and the people of Rivers State within 24 hours. Failure to do so will leave us with no option but to mobilize nationwide protests calling for his removal as minister.

“We stand in solidarity with Governor Fubara and the people of Rivers State in their quest for peace and development. We will not stand idly by while Wike continues to undermine the progress made towards a more united and prosperous Rivers State.

“We call on President Tinubu and other stakeholders to take immediate action to address this situation and ensure that the peace accord is respected and implemented in full. The people of Rivers State deserve better, and we will not rest until peace and stability are restored.

“We also urge President Tinubu to continue to uphold the highest standards of leadership and to work towards uniting our country.”

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