Transcorp Group records N45.7bn profit in Q1 2024

Transnational Corporation Plc (Transcorp Group) has reported 1,475 percent growth in its Profit before tax (PBT) for the first quarter ended March 31, 2024 (Q1’24) to N45.7 billion from N2.9 billion in the corresponding period of 2023.

The company also posted a 173 percent YoY growth in revenue to N88.6 billion in Q1’24 from N32.4 billion in Q1’ 23.

This comes on the heels of recognition of the Group’s President/GCEO, Dr. Owen D. Omogiafo, as one of the most influential people of African descent (MIPAD)’s Global Top 100 Futurist & Innovators List. The list, according to the company in a statement, recognises individuals who have made remarkable contributions to shaping the future and pioneering innovative solutions within their respective fields.

The company stated that its continuous growth and impressive results year after year are testament to Omogiafo’s visionary leadership, adding that the Group has experienced significant growth and expansion under Omogiafo’s leadership having taken up leadership during a difficult time, as the world grappled with the COVID-19 pandemic.

“However, she has led the Group and its subsidiaries, including Transcorp Power, Transafam Power and Transcorp Hotels Plc back to the path of exponential growth and profitability.

“Transcorp Group’s shares ended 2023 as one of the best-performing stocks of the year. The impressive growth has continue in 2024,” the statement said.

It added: “Dr. Owen Omogiafo’s commitment to innovation, sustainability, and social responsibility has made a positive impact on the lives of millions of people across Africa, in line with Transcorp Group’s purpose of improving lives and transforming Africa. “The MIPAD recognition is therefore, timely, as Omogiafo’s Transcorp releases another impressive result, reinforcing the Company’s position as a leading conglomerate in the country, and highlighting Owen Omogiafo’s transformational leadership.