Transnational Corporation Plc (Transcorp) has recorded N88.6 billion revenue in the first quarter of 2024 which ended on March 31.

The Group Company Secretary of Transcorp, Stanley Chikwendu, disclosed this in a statement capturing the unaudited financial result of the company for the period sent to the Nigerian Exchange Limited (NGX) on Wednesday, May 1.

The figure represented 173 per cent increase when compared to N32.4 billion posted in the corresponding period of 2023.

Chikwendu noted that the increase was largely driven by a remarkable 209 per cent year-on-year revenue growth within the power business.

He said the results highlighted significant strategic progress as part of Transcorp’s implementation of its integrated power strategy.

According to him, the hospitality business recorded a 68 per cent year-on-year growth in revenue, driven by an increase in occupancy rate from 75 per cent to 82 per cent compared to the previous year.

The Transcorp secretary stated that the results showed substantial growth across all financial indicators, reinforcing the group’s market leadership and strategic positioning.

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Chikwendu noted that the company’s operating income also increased by 479 per cent from N8.5 billion in the first quarter of 2023 to N49.1 billion in 2024.

He said: “Operating expenses saw an increase of 40 per cent year-on-year to N8.2 billion in the first quarter of 2024, reflecting the impact of inflation and cost of operations.

“Net finance cost increased by 14 per cent 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 1,110 per cent, amounting to N34.7 billion in the quarter under review, compared to N2.9 billion posted in the same period of the previous year.”

He disclosed that profit before tax inclusive of extraordinary income was N45.7 billion in the first quarter of 2024, compared to N2.9 billion in 2023.

Chikwendu revealed that Transcorp recorded an extraordinary income of N11 billion during the period under review, from the realised gain from the sale of shares.

He said the company’s profit after tax, including the extraordinary income improved by 1,832 per cent year-on-year to N35.9 billion in the first quarter of 2024, compared to N1.9 billion recorded in the same period in 2023.

The Transcorp secretary noted that the company’s earnings per share stood at N61.12 as of March 31, 2024, compared to N2.58k posted at the end of the first quarter of 2023.

On the balance sheet, Chikwendu said the total assets of Transcorp grew by 8.3 per cent, from N530 billion recorded in December 2023 to N574 billion in the first quarter of 2024, due to the increase in operational activities.

He stated that the shareholders’ funds increased by 20 per cent, from N187 billion in December 2023 to N224 billion as of March 31, 2024, due to profit accredited to retained earnings.

The Star