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.
IBEDC Celebrates Christmas, Urges Customers to Prioritize Safety and Energy Responsibility.
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Management of Ibadan Electricity Distribution Company (IBEDC) Plc extends heartfelt Christmas greetings to all Christians, esteemed customers, and Nigerians at large.
In a statement, the Managing Director, Engr. Francis Agoha highlighted that the birth of Jesus Christ symbolizes sacrificial love—a virtue that humanity should strive to embody.
Engr. Agoha assured customers that IBEDC has implemented measures to ensure network stability and smooth operations throughout the holiday season. “In anticipation of customer needs during the holidays, we are fully prepared to address faults quickly to minimize disruptions in power supply,” he stated.
He also called on customers to avoid energy theft, including tampering with meters or making illegal connections. “Energy theft is a criminal act that affects service quality for everyone and hampers our collective progress. I encourage customers to report any suspicious activities immediately,” he said.
Additionally, Engr. Agoha warned against tampering with electrical installations due to their severe safety risks, including the potential for injury or fatality. Customers are urged to report any faults, energy theft, or other issues to IBEDC offices or the Customer Care Line: 07001239999. IBEDC also encourages customers to use its secure and convenient payment platforms to ensure an uninterrupted electricity supply during the holidays.
These platforms include the IBEDCPAY app (available on Android and iOS), Quickteller, Payarena, Jumia, Watu, Buypower, IRecharge, and ATMs. IBEDC offices will be open from 9 am to 3 pm during the holiday to report faults, make inquiries, bill payments, and vending services. “We sincerely thank our customers for their continued support throughout the year and urge everyone to prioritize safety by avoiding hazardous practices, such as cooking under power lines, drunk driving, etc.,” added Engr. Agoha.
Merry Christmas and a prosperous New Year filled with peace, joy, and progress.
Overriding Public Interest: Delta warns against impeding govt projects
DAN DENT (ASABA)
SPONSORED BY: H&H
Delta State Government has cautioned citizens against impeding projects meant to serve the general public, saying such actions were illegal and constituted an abuse of the law.
Commissioner for Works, Highways and Urban Roads, Comrade Reuben Izeze (middle) discussing with the Chief Press Secretary to the Governor, Sir. Festus Ahon (right) shortly after Inspecting the maintaininers of Uti Road on Wednesday, while the Project Manager Mr. Milad Boutros (left) look on. PIX: SAMUEL JIBUNOR.
The State Commissioner for Works (Highways and Urban Roads), Comrade Reuben Izeze, gave the warning in Effurun on Wednesday during an inspection of the DSC Roundabout Link Road to PTI Junction.
According to him, “no citizen is bigger than the state; I learnt that a citizen has said a particular portion of the road that has been approved cannot be constructed because that is his private property.
“I want to sound it to our people as a note of warning, that, to impede government project in the name of private property is an abuse of the law.
“If your property is on the right of way and we know it is not a road, this administration has made it a point of duty to pay compensation for the use of such properties in the overriding public interest.
“This project has an overriding public interest; if your property is in the right of way and your property has approval, the best we can do, as we have always done, is to give you compensation.
“But to say you stop government officials from doing their job because you feel you are bigger than the government or you are bigger than the law is absolutely unacceptable.”
Commissioner for Works, Highways and Urban Roads, Comrade Reuben Izeze (right) taking the measurements of the Rod while the zonal Chief Engineer Uvwie and Opke local government Area, Engr. Kporon Ennah (left) look on. PIX: SAMUELm JIBUNOR.
Speaking further, he said; “so, we are constructing a drainage that would discharge all the water on this road. If you look at this place, it was originally a swamp.
“Meanwhile, this place had all along been intended to be a road that should take traffic from the East-West Road to reduce the volume of traffic on DSC Roundabout and PTI Junction straight to the Eku highway.
“We have come to see what the contractors are doing and I must express my displeasure at the poor quality of engineering work that I have observed here in this drainage.
“In fact, as things stand, considering the volume of water that will be coming from the Julius Berger projects, the existing volume of water from the swamp.
“What is being done here, therefore, necessitates that this drain be done according to the engineering specifications because the volume of water we will be dealing with is enormous.
“However, on getting down here and measuring the distance between the reinforcements, we discovered that the contractor apparently did not pay attention to details.
“So, I have instructed them to remove everything, start afresh and we will come back. They should not put the reinforcement until I have come to inspect what they have done to be sure that they have complied with the spacing as provided for in the Bills of Engineering Measurement and Evaluation.”
Brutality Victim: Anambra State Executive Council Approves Medical Expenses of Victim
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Governor Chukwuma Charles Soludo undertakes the medical expenses of a victim of brutality by some contractors of the Anambra State Waste Management Authority (ASWAMA), Mr. Okechukwu Akaneme.
Soludo
The governor took this humanitarian decision to relieve the victim while strongly denouncing such despicable conduct. In addition to the governor’s gesture, the contractor has been relieved of his engagement with the state agency (ASWAMA) immediately, to serve as a deterrent to others.
In a statement by the Commissioner for Information, Law Mefor, the victim who was assaulted is being hospitalised.
The Council has resolved to pick up his medical overheads, while sympathising with Akaneme ‘s family and prays for his quick recovery.
This profound empathy reflects Soludo’s sincere dedication to offering not just solutions but also a genuine commitment to providing helping hands, support, and hope to the people whenever and wherever required in the state.
END
Press Release
Anambra State Executive Council Awards More Road Contracts
The 37th Anambra State Executive Council (ANSEC) has awarded the contracts for the construction of new roads in the state in preparation for the yuletide season.
This is aimed at ensuring a memorable Christmas for Ndi Anambra, who will be celebrating the season in the state, from across the country and other parts of the globe.
In a release by the Commissioner for Information, Law Mefor, ANSEC at its 37th Meeting, approved the construction of the 3.75 km Igwe Orizu Road, in Nnewi, to New Idea Construction Company Ltd, and to be completed within six months.
The 10.8 km Nkwor Nnewi to Nkwor Oraifite was awarded to Infratech Construction Ltd at N7.2 billion, with a 12-month completion timeline, while the Oraukwu-Abatete-Nimo bypass in Idemili North measuring 4.922km was awarded to GMG Global Construction and Development Company Ltd, with a delivery date of six months.
At the meeting, the Council observed that many roads awarded at the last executive council meeting, including the New Tarzan Road and the three roads whose contracts were revoked and re-awarded, have not been reported.
Recently, Governor Soludo kept his promise with the completion of the 12.5km Ezira-Umuomaku-Enugu Umuonyia-Achina Road, linking several communities, and the 11.9km Mmiata-Anam-Nzam road, linking the headquarters of Anambra West Local Government Area (LGA).
With the ongoing and completed road projects in the state, Governor Soludo has literally turned Anambra into a construction site in his pursuit of transforming the state into a country-wide destination brand.