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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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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has flagged off the construction of a N280 million Abdul Samad Rabiu Integrated Publishing House for Babcock University, Ilishan-Remo, Ogun State. This project will enhance the capacity of the University from basic press status to a modern, integrated publishing house to encompass publishing, print production, and other related diversified services. The one-storey building facility will serve as a laboratory and studio for training students of communications, media studies, and allied disciplines as well as other disciplines.

 

 

 

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

At the groundbreaking event, the Vice Chancellor of the University, Prof. Ademola S. Tayo, expressed satisfaction at the nomination by ASR Africa, under its Tertiary Education Grant Scheme. He added that the choice of the project was a response to the vision to take the Mass Communications Department of the University to a whole new level. According to him, the university’s vision is to produce young men and women capable of critical thinking, and problem-solvers capable of proffering innovative solutions to problems of everyday life, be it social, political, and cultural.

 

 

 

 

 

 

 

 

 

 

 

 

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, expressed his delight at the University’s choice of establishing an Integrated Publishing House. He added that when information is appropriately applied, human society is empowered to liberate itself from limitations and attain its full potential. Dr Udoh reiterated the commitment of the Chairman of ASR Africa, Abdul Samad Rabiu to supporting quality education within the tertiary education system in Nigeria and urged the institution to focus on the sustainability of this noble project. He also reiterated the importance of cooperation and collaboration between the university and the contractor for the timely delivery of the publishing house.

 

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

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President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

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President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST! by Comrade Oladimeji Odeyemi.

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

by Comrade Oladimeji Odeyemi.

 

 

It’s no longer story that the preparation for the EndSars carnage went on for a while before its actual implementation.

 

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!
by Comrade Oladimeji Odeyemi.

 

But lack of proactive approach on the part of some people in the government of the day became a recipe for the actualisation of the dastardly act. History is about to be repeated, but I do not expect this to happen under the watch of President Bola Tinubu.

I do not say that people should not be allowed to protest if they have any reason to do so. But given the fact that the country does not have the capacity to separate genuine protesters from hoodlums, unnecessary protest should be curtailed.

Some people may be surprised that I call it unnecessary protest.

Yes, it’s unnecessary because this government has never displayed any act of rigidity since it took the mantle of leadership. It responds even to mere comments on social media expressly within. It is clear to every discerning and positive citizen that this government has become one of the most engaging one since 1999.

It has engaged with the organised labour on the minimum wage and it’s being passed to law. It has won autonomy for local government councils. It is on course for disbursements of students’ loans. It has given tax waiver for certain commodities and goods. You only protest against a government that is either passive, incorrigible or rigid. How can a government that is barely a year in office be protested against even when it has surpassed many of the past ones within one year? That cannot be called a protest but a mischief.

President Bola Tinubu should not be deceived by those who harp on funny fundamental human rights to cause mayhem. America is the country they use as a reference point. But American government does not take untoward attitude from anyone. If you want some you will be given some. There is no way for avoidable discomfort.

Kenyans are licking their wounds at the moment. We must not allow our own case to get to that point. I believe that many of those who are planning for the protest are children who do not know the implications of such a protest. Those who are old among them are those who would gladly set their universities’ libraries on fire in the name of students’ demonstration just because water tap didn’t run at the expected time.

Please, begin to show us that we have someone in charge of our affairs. Be more presidential Your Excellency. We know that it’s those who lost elections in 2023 and those they have recruited among those who think you have not compensated them among your conditional supporters that are behind the protest.

Please, refuse to be blackmailed. No matter what you do, there is but one mind in those people and it is turned against you. Please do everything humanly possible for PH REFINERY to work. Support Dangote Refinery to get crude oil locally.

We must not be importing fuel forever. Therefore, you should beware of the sinister motive of the August 1 planned protest, Your Excellency. May you continue to succeed and may all patriotic Nigerians continue to progress in all spheres of life in the mighty name of God.

Comrade Oladimeji Odeyemi is an entrepreneur, opinion leader and a security analyst.

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Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training

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Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training.

 

 

The Lagos State Law Enforcement Training Institute ( LETI ) begins her Annual Mandatory Training Exercise for the year 2024 for Law Officers across the state.

The exercise, which will run for a duration of six weeks brings together officers from the Lagos State Traffic Management Authority ( Lastma ), the Lagos State Environmental Sanitation Corps ( Kai ), the Vehicle Inspection Service ( Vis ), the Lagos Neighbourhood Safety Corps ( Lnsc ) and the Central Business District ( Cbd ) law Officers.

In her opening remarks, the CEO / Head of Leti Mrs Abiola Adeyinka emphasised on the importance of continual training for Law Officers to ” be at their best” and to ” embrace the opportunity to enhance their skills and knowledge.” she stressed the need for professionalism, integrity, and respect for the Rule of Law in the discharge of their duties as respectable officers of the state of excellence. The training program will cover a wide range of topics to include:
* Traffic management and Enforcement.
* Public safety and security.
* Human right and law enforcement.
* Conflict resolution etc.
* Interpersonal relations to mention but few.

Mrs Adeyinka reteirated the State government commitment to ensuring that Leti delivers on its mandate of providing high quality training to Law enforcement Officers in the state.

According to the Ceo, “The Governor of Lagos State has pledged the full support of his administration to Leti in its efforts to enhance the professionalism and effectiveness of Law enforcement in Lagos State. The annual mandatory training exercise is a testament to the Lagos State government commitment to ensuring a safe, secure and well- managed environment for all residents.

Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training.

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