The Power, Hospitality, and Energy sectors 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.

The highlight of Transcorp Group Results are; Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023, while 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.

The firm’s financial results for the year ended December 2023 filed with the Nigerian Exchange Limited showed that revenue improved by 47.3 per cent to N197bn from N134bn in 2022.

Operating expenses went up by 22.6 per cent year-on-year to N26.9bn due to the country’s high inflation in 2023.

However, Net finance cost increased by 46 per cent to N22.6bn, due to interest on foreign currency loans, which the group said had been repaid.

On a positive note, the group’s profit after tax improved 91 per cent year-on-year to N32.6bn, compared to N17.1bn in 2022.

Earnings per share appreciated to N40 compared to N19 in 2022, just as total assets grew by 20 per cent to N529.9bn in 2023.

Reacting, Dr. Owen Omogiafo, the president/Group Chief Executive Officer of Transcorp, said, “The financial results for 2023 underscore our group’s strong operational performance and the results of our strategic initiatives.  Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively.

She noted that “Our primary objectives remain centred on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders.”

Transnational Corporation Plc has strategic investments in the power, hospitality, and energy sectors.

One of the energy firms under the group, Transcorp Power was recently listed on the exchange.

While Dangote Cement appreciated by 7.49%, at the Nigerian Stock Exchange (NGX) with its market cap gaining N430 billion.

Furthermore, the All-Share Index appreciated by 1.92 per cent or 1,597.93 basis points to close at N 84,640.89, closer to the 85,000 points than it was on Friday.

But the year-to-date gains also strengthened to 13.20 per cent from 11.06 per cent from the previous trading session.

Similar to the ASI, equities gained N1.118 trillion, as the market capitalization rose to N46.319 trillion from last Friday’s N45.199 trillion.

There were also some movements in the market as Access Bank moved back into the N1 trillion market cap territory, while FBN Holdings dropped out of it, with the Geregu Power gaining 7.52%.

In terms of trading activities, there was a 34% increase in trading volume to 807.51 million units, from last Friday’s 600.63 million units.

In this stead, TRANSCORP (+4.69%) led with 66.89 million units, followed by AIICO (+2.40%) with 62.29 million units, WEMABANK (+9.92%) with 41.57 million units, JAIZBANK (+9.93%) with 39.19 million units, and FCMB (+3.64%) with 38.15 million units.

Also important to note, is a 21% increase in trading value to N11.03 billion from N9.1 billion when the market closed on the last trading of last week.

NASCON (+8.33%) led with N1.091 billion, followed by ZENITHBANK (+3.60%) with N1.089 billion, TRANSCORP (+4.69%) with N956 million, UBA (+1.45%) with N857.26 million, and MTNN (0.00%) with N791.55 million.

Below are the market Indices for yesterday’s trading session.

NGX All-Share Index: 84,640.89 points.

% Day Change: +1.92%

Day’s Lowest: 82,949.40 points

Day’s Highest: 84,640.89 points

% YTD: +13.2%

Market Cap: N46.32 trillion

Volume Traded: 807.51 million units

Value Traded: N11.03 billion

Top Gainers

PZ: +10.00% to close at N32.45

MANSARD: +10.00% to close at N6.49

CHAMS: +10.00% to close at N2.53

DAARCOMM: +10.00% to close at N0.99

SOVREINS: +10.00% to close at N0.66

TANTALIZER: +10.00% to close at N0.55

Top Losers

ABBEYBDS: -9.52% to close N2.47

JBERGER: -3.54% to close at N54.50

CUSTODIAN: -3.45% to close at N9.80-

AFRIPUD: -2.78% to close at N8.75

FBNH: -1.79% to close at N27.50

CHAMPION: -1.27% to close at N3.90

Tony Elumelu, group chairman of Transcorp, was reportedly the recipient of Otedola’s shares, according to persons familiar with the development who spoke to BusinessDay.

According to the sources, Elumelu bought Otedola shares at Transcorp’s Thursday closing price under an options deal that required periodic payments.

“Both parties believed that reaching an agreement was in their best interests to do so, so the negotiations leading up to it were said to be brief but friendly. Otedola and Elemelu openly committed to collaborating to advance Transcorp’s objectives,” the sources were quoted as saying.

On Thursday, Transcorp announced that HH Capital Limited, a special purpose vehicle (SPV) owned by Elumelu, increased its stake in the conglomerate to 25.58 percent.

“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the NGX and the investing public of the below new acquisition of shares in the company,” Transcorp said.

“With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 percent of the company’s total shares.”