Transnational Corporation Plc (Transcorp Group) Records Astonishing 1,475% Growth in Q1 Profit
Written by Jerry Alomatu on May 9, 2024
In a remarkable feat of financial achievement, Transnational Corporation Plc (Transcorp Group) has reported an astounding growth of 1,475 percent in its Profit before tax (PBT) for the first quarter ended March 31, 2024 (Q1’24), soaring to N45.7 billion from N2.9 billion in the corresponding period of 2023.
This surge in profitability is complemented by a 173 percent year-on-year (YoY) growth in revenue, reaching N88.6 billion in Q1’24 from N32.4 billion in Q1’23.
The outstanding performance of the company is underscored by the recent 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. This prestigious acknowledgment celebrates individuals who have significantly shaped the future and pioneered innovative solutions within their respective fields.
Transcorp Group attributes its consistent growth and impressive results to Omogiafo’s visionary leadership. Despite the challenges posed by the COVID-19 pandemic, Omogiafo has steered the Group and its subsidiaries, including Transcorp Power, Transafam Power, and Transcorp Hotels Plc, back to a trajectory of exponential growth and profitability.
The company’s shares concluded 2023 as one of the best-performing stocks of the year, and this momentum has carried forward into 2024.
Dr. Owen Omogiafo’s unwavering commitment to innovation, sustainability, and social responsibility has positively impacted millions of lives across Africa, aligning with Transcorp Group’s mission of enhancing lives and transforming Africa. The MIPAD recognition thus comes at an opportune moment, coinciding with Transcorp’s announcement of another impressive financial result, reaffirming the Company’s standing as a leading conglomerate in the country and highlighting Owen Omogiafo’s transformative leadership.
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Author: Jerry Alomatu
Astute communicator
