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.

NANS Cautions Members On Blackmail, Dirty Politics

– Says Minister Is On Top Of The Situation

The National Association of Nigerian Students (NANS) has cautioned its members nationwide on the blackmail and calls by some section of the national body on the sack of the Minister of Power, Chief Adebayo Adelabu.

In a statement made available to journalists in Abuja, Dist. Senator Ekundina Segun Elvis,
President of the Senate (NANS), also called for the arrest of a self acclaimed NANS Leader, Akinteye Babatunde Afeez, whom he described as an impostor.

Ekundina described the statement credited to Akinteye as subtle blackmail and a propaganda to discredit the Minister, who is working assiduously on the mandate of President Bola Ahmed Tinubu, to sanitise, make the power sector more efficient and guarantee regular electricity supply to Nigerians.

He said the calls for the removal of both Adelabu and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, is misguided at this crucial time when both are consistently providing solutions and keeping Nigerians updated about their vision for sustainable growth in both sectors critical to the development of the country.

The NANS Senate President said, “The press release in question targets two crucial aspects of our nation’s development: the hike in petrol price and electricity instability. It is interesting to note that the attack is directed solely at the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL) regarding the petrol price hike, while the Ministers of State for Petroleum Resources, who oversees both oil and gas, is conspicuously ignored. This biased approach clearly suggests a hidden agenda and raises questions about the true motives behind this press release.

“Turning to the issue of electricity, it is disheartening to see the Honorable Minister of Power being attacked unjustly. Chief Bayo Adelabu has taken the time to address the nation on multiple occasions, explaining in great detail the complexities surrounding the instability of electricity in our country. He has outlined the steps being taken to resolve these issues, including the stages of implementation, debt repayment, and addressing the existing gaps.

“His explanations have been comprehensive, offering hope that the electricity situation will improve in due course.

“It is evident that this press release is sponsored by the opposition and individuals seeking to tarnish the image of Chief Bayo Adelabu. The history of the self-acclaimed NANS leader, Akinteye Babatunde Afeez, known for attacking personalities for financial gains, raises serious concerns about the credibility and authenticity of this press release.

“A typical example was his self demeaning and blackmail press he released to attack the DG of the National Orientation Agency (NOA). It is clear that the intention here is not to address the issues at hand but to damage the reputation of the Honorable Minister and his contributions to the development of our nation and the Renewed Hope agenda of President Bola Ahmed Tinubu GCFR.

“We issue a stern warning to the writer of this attacking press release and their co-sponsors. While the self-acclaimed NANS leader’s studentship is subject to investigation, we call upon the public to stand against misinformation and propaganda. We urge the security agencies to be vigilant and prevent any illegal gatherings disguised as protests, as they are undoubtedly sponsored by the opposition to disrupt the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR.

“We also call upon President Bola Ahmed Tinubu, GCFR, to be aware of these miscreants who falsely claim to be student leaders. Their sole objective is to attack and destroy the Renewed Hope Agenda of his administration. However, we want to assure the public, the student community, and the youth that we are closely monitoring these developments.

“We firmly believe that President Bola Ahmed Tinubu GCFR will succeed in his endeavors, and no amount of propaganda will derail the progress we are making as a nation.

“This press release is nothing more than a funded propaganda campaign aimed at defaming Chief Bayo Adelabu, the Honorable Minister of Power. We have exposed the hidden motives and called for action against those responsible for disseminating such misleading information. We remain committed to ensuring the truth prevails and that the Nigerian people are not swayed by baseless attacks,” Ekundina stated.

Folasade Omotoyinbo Marks Birthday In Style, Empowers 200 Youths, Gifts 500 People Food Items In Lagos

Folasade Omotoyinbo, the esteemed CEO of Poshglow Skincare and a renowned figure in the beauty industry, marked her birthday in a remarkable and philanthropic manner, demonstrating her commitment to empowering youths and combating hunger in Nigeria.

As the driving force behind Poshglow Skincare, Folasade Omotoyinbo has established herself as a leading aesthetician and beautician, offering top-notch skincare solutions to clients. Additionally, she is the visionary behind the Folasade Omotoyinbo Foundation, a non-governmental organization dedicated to addressing the issue of hunger in Nigeria.

On her birthday, Folasade Omotoyinbo chose to celebrate by giving back to her community in a meaningful way. She organized a special empowerment program, where over 200 youths were trained in various skills including makeup artistry, photography, event decoration, gele tying, and spa treatment. Through these training sessions, she provided valuable opportunities for young individuals to develop essential skills and pursue career paths in the beauty and wellness industry.

In addition to empowering youths, Folasade Omotoyinbo demonstrated her commitment to addressing food insecurity by organizing a food bank initiative. Through the Folasade Omotoyinbo Foundation, she distributed food items to over 500 people in various communities, including Shomolu Local Government, Mushin, Oshodi, and Ikeja in Lagos State. This initiative provided much-needed relief to vulnerable individuals and families facing food scarcity, especially in the midst of challenging economic circumstances.

Photos of Folasade Omotoyinbo’s birthday celebrations and philanthropic endeavors were shared on her social media platforms, garnering an outpouring of prayers, congratulatory messages, and admiration from followers and well-wishers. Her selfless acts of kindness and dedication to making a positive impact in the lives of others have earned her widespread praise and admiration.

As Folasade Omotoyinbo reflects on another year of life, she continues to embody the values of compassion, generosity, and empowerment. Her birthday celebration serves as an evidence to her unwavering commitment to uplifting her community and creating a brighter future for all. Through her leadership and philanthropy, she inspires others to join in the fight against hunger and to make a difference in the lives of those in need.

As she embarks on the next chapter of her journey, Folasade Omotoyinbo remains a beacon of hope and inspiration, demonstrating that even in the midst of celebration, there is always an opportunity to give back and make a meaningful impact in the world.