– As Profit after tax hits N35.9bn
Mkpoikana Udoma
Port Harcourt — Nigeria’s leading conglomerate with investment in the power, hospitality, and energy sectors, Transnational Corporation Plc also known as Transcorp Group, has announced impressive financial growth of N88.6billion revenue for the first quarter of 2024.
The figure which represents a 173 percent increase from the N32.4billion in Q1 2023, according to the company was 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.
According to Transcorp Group, 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.
Profit after Tax including the extraordinary 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.
Commenting on the feat, President and Group Chief Executive Officer of Transcorp, Dr. Owen Omogiafo, said the results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.
“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 maximizing 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, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.”
