Transnational Corporation Plc, has disclosed an impressive Q1 financial results for the period ended March 31, 2024 with revenue growth of 173% and Profit Before Tax (PBT) of N45billion
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.
