Transnational Corporation Plc, Transcorp, a listed conglomerate with investment in the power, hospitality, and energy sectors, said its profit before tax (PBT) grew year-on-year (YoY) by 1,475 percent to N45.7 billion in the first quarter of 2024 (Q1’24) from N2.9 billion in the corresponding period of 2023.
The company also reported a 173 percent YoY growth in revenue to N88.6 billion in Q1’24 from N32.4 billion in Q1’23.
According to the company, the results were largely driven by a 209 percent YoY revenue growth within its power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.
The hospitality business recorded 68 percent YoY in revenue growth, driven by an increase in occupancy rate from 75 percent to 82 percent compared to the previous year.
Commenting on the result, the President/Group Chief Executive Officer of Transcorp, Dr. Owen Omogiafo, said: “Our Q1’24 results demonstrate 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.”