Transcorp grows revenue by 173 per cent in Q1

Transnational Corporation Plc, Nigeria’s leading conglomerate with investment in the power, hospitality and energy sectors, has announced impressive first quarter (Q1) financial results for the period ending March 31, posting an impressive performance across key indicators.

In its Q1 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 per cent increase.

The performance is largely driven by a remarkable 209 per cent year-on-year revenue growth within the power business, highlighting significant strategic progress in the implementation of its integrated power strategy.

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

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

Operating income increased by 479 per cent, from N8.5 billion in Q1 2023 to N49.1 billion.

Profit before tax (PBT) from ordinary business surged by 1110 per cent, amounting to N34.7 billion compared to N2.9 billion in the comparative quarter of 2023.

Profit before tax (PAT) inclusive of extraordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.

Operating expenses saw an increase of 40 per cent to N8.2 billion, reflecting the impact of inflation and the cost of operations.

Net finance cost increased by 14 per cent to N3.7 billion in 2024 from N3.2 billion in 2023 due to a higher interest rate review in line with the monetary policy rate (MPR).

In response to the results, President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, said: “Our Q1 2024 results demonstrate 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.”