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Transcorp grows revenue to N88.6bn

Transnational Corporation Plc (Transcorp) says it recorded N88.6 billion revenue as at March 31, 2024

Mr. Stanley Chikwendu, Group Company Secretary, Transcorp, said this in a statement capturing the unaudited financial result of the group for the period ended March 31, 2024, sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

The figure represented 173 per cent increase when compared to N32.4 billion posted in the corresponding period of 2023.

Chikwendu explained that the results was largely driven by a remarkable 209 per cent year-on-year revenue growth within the power business.

He said that the results highlighted significant strategic progress as part of Transcorp group’s implementation of its integrated power strategy.

According to him, 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 company secretary said that the results showed substantial growth across all financial indicators, reinforcing the group’s market leadership and strategic positioning.

Chikwendu stated that the group’s operating income also increased by 479 per cent from N8.5 billion in the first quarter of 2023 to N49.1 billion same period of the year.

He said: “Operating expenses saw an increase of 40 per cent year-on -year to N8.2 billion in first quarter 2024, reflecting the impact of inflation and 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 slightly higher interest rate review in line with MPR.

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“Profit Before Tax from ordinary business of the group surged by 1,110 per cent, amounting to N34.7 billion in the quarter under review, compared to N2.9 billion posted in the same period of the previous year.

According to him, profit before tax inclusive of extra ordinary income was N45.7 billion in first quarter 2024, compared to N2.9 billion in the corresponding period of year 2023.

Chikwendu revealed that the group recorded extra ordinary income of N11 billion during the period under review, from the realised gain from the sale of shares.

He said the firm’s profit after tax, including the extra ordinary income improved 1,832 per cent
year-on-year to N35.9 billion in first quarter of 2024, compared to N1.9 billion recorded in same period of 2023.

The company secretary noted that the group’s earnings per share stood at N61.12 as at March 31, 2024 compared to N2.58k posted at the end of first quarter of 2023.

On the balance sheet, Chikwendu said the total assets of Transcorp grew by 8.3 per cent, from N530 billion recorded in December 2023 to N574 billion in the first quarter of 2024, due to the increase in operational activities.

He stated that the shareholders’ funds increased by 20 per cent, from N187billion in December 2023 to N224 billion at at March 31, 2024, due to profit accredited to retained earnings.

Commenting, Dr Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, said that the 2024 first quarter results demonstrates Transcorp group’s resilience and commitment to excellence.

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Omogiafo stated that despite the challenges, the firm achieved growth across all major indices, focusing on operational efficiency at both its power plants, and maximising opportunities within its hospitality business.

He said this shows the group’s 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,” he said.

Transcorp Group is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors.(NAN)

Rukayat Adeyemi
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