Transcorp shares 1475% rise in PBT to N45bn in first quarter of 2024

Transnational Corporation Plc (Transcorp), a top conglomerate with investment in the power, hospitality, and energy sectors, has revealed that its profit before tax (PBT) grew year-on-year (YoY) by 1,475% to N45.7 billion in the first quarter of 2024 from N2.9 billion in 2023.

According to the company, there has been a 173 percent YoY growth in revenue to N88.6 billion in Q1’24 from N32.4 billion in the first quarter of 2023.

Transcorp added that the results were largely driven by a 209 percent YoY revenue growth in its power business, showing significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

Speaking 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.”

BEB