Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has reported its financial results for the third quarter ending September 30, 2024, showcasing remarkable year-on-year growth.
The Group’s Q3 2024 unaudited results demonstrate strength across key financial performance measures, highlighting the success of its growth-driven strategy.
In Q3 2024, Transcorp Group achieved revenue of N298 billion, a 133% increase from N128 billion recorded in the same period of 2023. Profit before tax (PBT) increased by a remarkable 303%, to N105.5 billion, compared to N26.2 billion recorded in Q3 2023, further solidifying the Group’s position in Nigeria’s business landscape.
Key Financial Highlights:
Revenue Growth: 133% increase, rising to N298 billion from N128 billion in Q3 2023.
Profit Before Tax: Surged by 303% to N105.5 billion in Q3 2024, from N26.2 billion in the same period last year.
Total Assets: Grew by 29%, increasing from N530 billion in December 2023 to N684 billion in Q3 2024.
Shareholders’ Funds: Increased by 34%, from N187 billion in December 2023 to N251 billion in Q3 2024, driven by profit accreting to retained earnings.
Operating Expenses: Increased by 38% to N32 billion in Q3 2024, compared to N23 billion in the previous year, reflecting the impact of inflation on the cost of operations.
Net Finance Cost: Increased by 12% to N12 billion in Q3 2024, from N10 billion in Q3 2023, due to rising interest rates. Owen Omogiafo, OON, President/Group Chief Executive Officer, Transcorp Group, attributed the Group’s exceptional performance to its focus on innovation, operational excellence, and ability to navigate a complex market environment.
She said: “We are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution. As we approach year end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation.”
About Transnational Corporation Plc
Transnational Corporation Plc (“Transcorp”) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses – Transcorp Power Plc and Transafam Power Limited – provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.
There is great optimism about the outcome of the ongoing 2024 United Nations Climate Change Conference, also known as the Conference of the Parties of the United Nations Climate Change Conference (UNFCCC).
More commonly known as COP29, this year’s conference is the 29th and is being held in Baku, Azerbaijan, from 11 to 22 November 2024.
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, the Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and the Permanent Representative of Nigeria with the World Meteorological Organization (WMO) are among Nigeria’s delegation at COP29.
Barrister Shola Gabriel, Director of Legal Services, and Mrs. Gloria Onyegbule, Director of Applied Meteorological Services at the Nigerian Meteorological Agency (NiMet), are also attending.
The Minister and the NiMet team held a side meeting with officials of the World Meteorological Organization (WMO) to discuss areas of mutual interest.
A significant focus of the side engagements at COP29 was the support for Nigeria’s Early Warnings for All (EW4ALL) roadmap, aligning with the United Nations’ initiative to ensure universal early warning systems by 2027.
The WMO’s Systematic Observations Financing Facility (SOFF) plays a vital role in this endeavor, providing long-term financing and technical assistance to close weather and climate data gaps.
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, expressed appreciation for SOFF’s support and advocated for its expansion to include middle-income countries like Nigeria, emphasizing the importance of comprehensive data sharing for global weather prediction accuracy.
The meeting highlighted the recent reaccreditation visit by Paul Bujeac to Nigeria’s WMO Regional Center in Oshodi-Lagos. Recall that Bujeac commended Nigeria’s efforts in advancing meteorological services, and Nigeria anticipates a successful reaccreditation, reinforcing its commitment to international meteorological standards.
These collaborative efforts signal Nigeria’s dedication to advancing meteorological science within the aviation sector and beyond, aiming to enhance safety, efficiency, and resilience against climate change impacts.
NiMet DG/CEO Anosike Says Agency Is Positioned To Climate-Proofing The Economy By Providing Timely Weather And Climate Information
Left to Right: Dhulipala Ram Kiran, Research Scientist, International Livestock Research Institute (ILRI), Anthony Whitbread, Program leader of livestock, climate, and environment at ILRI, Prof. Charles Anosike, Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and Rupsha Banerjee, Senior Scientist, Institutions and Innovation at ILRI, at the one-day workshop on ‘Understanding the landscape of agro-meteorological data resources and processes for facilitating climate smart agriculture adoption’, jointly hosted by NiMet and ILRI in Abuja on Monday, 18th November 2024.
The Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike, has said that the agency is positioned to climate proofing the economy by providing timely weather and climate information.
Prof. Anosike spoke while welcoming participants to a one-day workshop on ‘Understanding the landscape of agro-meteorological data resources and processes for facilitating climate smart agriculture adoption’ jointly hosted by NiMet and the International Livestock Research Institute (ILRI), in Abuja on Monday, 18th November 2024.
According to Prof. Anosike, the workshop aims to help the participants understand the landscape of agro-meteorological advisories in Nigeria.
“This is an important workshop that is aimed at building resilience among smallholder farmers and livestock keepers to increase productivity by Identifying adaptation options, best practices, and adaptation gaps for smallholder farmers. I am particularly grateful to the ILRI for co-hosting this event, as the event is coming at the right time when NiMet is working on a strategic design to explore the pastoralist landscape of Nigeria in a bid to strengthen engagement and ensure the development of early warning systems specifically for the sector to make it resilient and sustainable in advancing the UN EW4ALL initiative”.
Prof. Anosike said that NiMet’s agrometeorological advisories have evolved in scope, including the concept of co-production which is supported by the World Meteorological Organisation (WMO). “Co-production allows critical stakeholders to be part of the production process of weather and climate information to increase the depth and improve the accuracy and relevance of the information provided.
The workshop allows critical stakeholders to map the climate information advisories that are critical to smallholder farmers, and livestock keepers”, Prof. Anosike concluded. Anthony Whitbread, Program leader, of livestock, climate, and environment at ILRI and one of the workshop facilitators said the workshop will improve the capacity of the participants, and help to identify gaps in information needs, data gathering, and the process of delivery of information to the last mile including gender and social inclusion.
On her part, Rupsha Banerjee, Senior Scientist, Institutions and Innovation at ILRI listed the expected outcome of the workshop as the production of “Country profile and infographic in brief, the delivery of climate services via the public and private sector in Nigeria”.
he Lagos Waste Management Authority (LAWMA) has intensified enforcement activities around the state, leading to the sealing of Ile Iyan, a business outfit on Herbert Macaulay Way, Sabo, Yaba, for violating waste disposal regulations; and a major clamp-down on cart pushers.
Commenting on the development, the Managing Director/CEO, Dr. Muyiwa Gbadegesin, noted that the business facility was closed for reckless disposal of waste.
He said, “Our operatives discovered evidence of Ile Iyan’s waste disposal at an illegal dumpsite near Aje Comprehensive High School’s fence in Sabo, Yaba. Although the facility claimed to have enlisted with LAWMA, they were unable to provide any proof of registration or documentation.
This left us with no choice than to seal off their premises to compel compliance.” Gbadegesin emphasised the Authority’s firm stance on enforcement, reiterating that compliance with waste management regulations was non-negotiable for all businesses operating in Lagos, to maintain a clean and healthy environment for residents.“Every business operating in Lagos must be registered with LAWMA and comply with approved waste management guidelines.
Defaulters will face strict penalties, including the sealing of their premises. This will help us safeguard our environment, making it livable for all residents”, he stated.
LAWMA’s enforcement efforts extended beyond businesses to target illegal cart pushers operating in various areas, including Ejigbo, Isolo, and Somolu, causing serious harm to the environment and public health.
He said: “These illegal cart pushers are a major problem. They undermine our efforts at creating a cleaner Lagos by dumping waste indiscriminately. Their actions degrade the environment and expose residents to serious health risks. We urge Lagosians to stop patronising the outlawed cart pushers, because those who do, risk arrest and prosecution.
The right thing to do is to engage with assigned PSP operators, for proper waste disposal.” Highlighting the legal framework supporting these actions, the LAWMA boss referred to the Lagos State Environmental Management and Protection Law, which prohibits improper waste disposal. “Section 82(1) of the law clearly states that dumping waste in unauthorised locations, such as road medians, is illegal. Offenders risk fines of not less than ₦25,000 and potential jail term under Section 109.
These regulations exist to protect our environment and the health of Lagosians.” He said further that LAWMA was working in collaboration with other sister agencies, such as the Lagos State Environmental Sanitation Corps (LAGESC), to prosecute violators and maintain environmental standards across the metropolis. “There is no hiding place for defaulters. With the support of sister agencies, we will continue to arrest and prosecute those who flout waste management laws.
Our goal is to make Lagos cleaner, safer, and more sustainable for everyone”, Gbadegesin said.
He called on all residents to join the fight against improper waste management, stressing that a sustainable environment depended on collective responsibility, adding that irresponsible waste disposal was one of the major causes of flooding, and spread of diseases like cholera, all of which were preventable, if everyone adhered to waste management regulations.For waste management related issues and complaints, please call LAWMA toll-free numbers: 080000LAWMA (08000052962), 07080601020 and 617, or visit www.lawma.gov.ng.