Transcorp to Sustain Profitability with Six Strategic Pillars
The management of Transnational Corporation Plc (Transcorp), has highlighted six strategic pillars to sustain its growth momentum in 2024 financial year and beyond.
The Group in its unaudited first quarter (Q1) ended March 31, 2024, results declared N199.99 billion gross earnings, a growth of 47.32 per cent from N133.72 billion reported the previous year.
The leading conglomerate listed on the Nigerian Exchange Limited (NGX) announced N45.68billion profit before tax, an increase of 1,501 per cent from N2.85 billion reported in Q1 2023, while profit stood at N35.92 billion in Q1 2024, a growth of 1,832per cent from N1.86 billion reported in Q1 2023.
The President and Group Chief ExecutiveOfficer of Transcorp Group, Dr Owen Omogiafo, who highlighted the six strategic pillars at the group’s Q1 2024 analysts conference call, stated that the management is poised at improving & sustaining its power generating capacity, continue innovation and optimization to improve customer experience in its hospitality businesses and robust maintenance plan to ensure that its businesses operate optimally and efficiently through the year.
Other strategic pillars she highlighted include: drive continued synergies across the Group; maintain strong relation with host community & other stakeholders and leveraging on human capital to deliver superior results.
“Transcorp is poised to take advantage of reforms in the electricity sector and continued to deliver value for all stakeholders.
“We are diversifying our gas supply across. You will recall last year, there were spite significant gas supply challenges but strategic engagement and clear focus, we are beginning to come out of it,” she said.
She stated that for Transcorp Power Plc, the group target an average capacity (MW) with a year-end target of 720MW, while for Transafam Power Limited, its target average capacity (MW) with a year-end target of 365MW.
She expressed that the Group remains focused at redefining hospitality standard in Nigeria with N147.721 Average Daily Rate (ADR) and launch a 5,000-seater event centre in the third quarter (Q3) 2024.
Earlier, the Group CFO, Transcorp, Mr. Festus Izevbizua stated that the group is excited about the Q1 2024 performance of its three subsidiaries (Power, Hospitability and Energy), stressing that the performance is sustainable.
He disclosed that the revenue growth in Q1 2024 is driven largely by power segment that contributed 80 per cent and Hospitability, 20 per cent.
