Transnational Corporation Plc, unveiled its impressive Q1 2024 financial results for the period ending March 31, 2024.
In its Q1 2024 unaudited results, Transcorp reported a remarkable 173% surge in revenue, catapulting to N88.6 billion from N32.4 billion in 2023. This growth underscores Transcorp Group’s robust strategic execution.
The power business experienced a phenomenal 209% year-on-year revenue surge, exemplifying significant strategic strides. Meanwhile, the hospitality segment recorded a commendable 68% revenue hike, fueled by an occupancy rate boost from 75% to 82%.
The Q1 2024 financial results showcases substantial growth across all key indicators, solidifying Transcorp’s market dominance and strategic prowess.
Key Highlights of Transcorp Group Results:
Revenue Surge: Q1 2024 revenue reached N88.6 billion, marking a 173% increase from Q1 2023.
Operating Income Boom: Operating income skyrocketed by 479%, soaring from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
Cost Dynamics: Operating expenses rose by 40% year-on-year to N8.2 billion in Q1 2024, reflecting inflationary pressures and operational costs.
Profit Surge:Profit before tax from ordinary business surged by 1110% to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023.
Extraordinary Income:The Group recorded extraordinary income of N11 billion from the realized gain on share sales, contributing to the overall profit surge.
Balance Sheet Growth:Total assets expanded by 8.3% to N574 billion in Q1 2024, driven by increased operational activities.
Dr. Owen D. Omogiafo, President/Group CEO of Transcorp, hailed the results, emphasizing the Group’s resilience and commitment to excellence. He underscored their ability to adapt and excel in evolving markets, promising sustained growth and value for shareholders.
This triumph underscores Transcorp’s unwavering dedication to transformative initiatives, ensuring long-term value creation for shareholders.
