Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

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:

Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.

Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.

Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.

Net finance cost increased by 14% 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 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.

Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.

The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.

Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.

Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.

On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.

Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

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.

The Nigerian Advertising Regulatory Council (ARCON) plans to regulate the use of computer-generated imagery in advertising.

Dr Olalekan Fadolapo, director general of the ARCON, disclosed this at a recent Advertising Standard Panel Stakeholders’ Forum in Lagos.

He noted that the move was aimed at promoting local content, maintaining industry integrity, and driving economic development.

According to Fadolapo, the forum discussed ethical standards and compliance with advertising laws within the industry.

He said, “The regulatory body has declared the prohibition of such materials surrounding the proliferation of computer-generated imagery in advertising. It has stressed the need for advertising agencies to provide verifiable information of Nigerian models featured in campaigns.”

He added that the intention was to ensure the protection of local talents and preserve Nigeria’s national interests.

Fadolapo emphasised the importance of stakeholders in the advertising sector acquainting themselves with the Nigerian Code of Advertising.

“This familiarity is crucial to understanding regulatory obligations, ensuring compliance, and following guidelines before submitting their materials for review,” he expounded.

He emphasised the importance of self-regulation and adherence to copyright laws within the advertising industry to foster ARCON’s commitment to creating an enabling environment for promoting ethical advertising standard practices.

He vowed that ARCON would continue to curb advertising violations and enforce regulatory measures on all digital platforms.

In her keynote address, the Chairman of the Advertising Standard Panel, Mrs Omowunmi Owodunni, stated that lack of ethics had made practitioners and stakeholders not comply with the ambits of the law.

“For our advertising industry to meet international standards, practitioners must be decent and legal in our approach,” she maintained.

Owodunni cautioned against the unauthorised proliferation of digital advertisements, emphasising that the regulatory body would take strict action against individuals and organisations engaged in such illegal activities.

“During the vetting process, third-party and independent assessments with verifiable information are necessary to support advertising claims,” she noted.

Owodunni further clarified that although the advertising code undergoes periodic reviews, creative content must adhere to legal standards, be substantiated, and be sensitive to laws.

On her part, the Director of Regulations, ARCON, Mrs Martha Onyebuchi, lamented that a lot of advert materials were full of misinformation that could not be substantiated.

She noted that practitioners would be penalised for such unethical behaviour. According to Onyebuchi, stakeholders should uphold the law and not breach it.

“ARCON is not regulating to strangle the advertising industry but to promote creativity and support local content,” Onyebuchi added.

Telecommunications services provider, Globacom, has admonished Nigerian workers to reflect on more ways of contributing further to the growth of the country.

In a solidarity message on the occasion of the 2024 International Workers’ Day, the company noted that Nigerian workers were resilient in spite of the challenges they encounter in the course of discharging their duties.

The telecommunications giant further noted that the story of Nigeria cannot be adequately chronicled without acknowledging the immense contributions of workers, both in the public and private sectors.

The day is observed on May 1 yearly in recognition of the contributions of workers all over the world and to advance fairer and more sustainable future by advocating for workers’ rights.

“We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation,” Globacom said.