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.
Highlight of Transcorp Group Results:
In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates 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 maximising 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.”
This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.
NASRE Media Foundation Partners with Leadway Assurance and Presidency To Deliver Health, Education Support To…
Lagos Assembly Plans Geographic Information Law - bill will create comprehensive database of Lagos state…
Tajudeen Abass: A Symbol Of Parliamentary Stability By Toby Prince To whom much is given,…
Access Holdings Vests 23.8 million Units of Shares on Senior Executives In line with the…
ZENITH BANK’S LANDMARK N125.59 BILLION DIVIDEND PAYOUT EXCITES SHAREHOLDERS Shareholders of Zenith Bank Plc, at…
Lagos Socialite Engr. Omotosho Accuses TRAME Executives of Calumny and Blackmail The feud between Lagos…