Business
Transcorp Group Records Outstanding Growth in 2024, Revenue Surges by 107%
Transnational Corporation Plc (Transcorp), Nigeria’s leading listed conglomerate, has reported remarkable financial performance for the year ended December 31, 2024, with impressive growth across key financial indicators.
The Group’s audited financial statements reveal a 107% surge in revenue, reaching N408 billion, compared to N197 billion in the previous year. This exceptional growth underscores Transcorp’s resilience, strategic investments, and strong market positioning.
Financial Highlights:
Revenue: Grew by 107% to N408 billion from N197 billion in 2023.
Profit Before Tax (PBT): Increased by 132%, reaching N136.7 billion, up from N58.8 billion.
Profit After Tax (PAT): Soared by 188% to N94.1 billion, compared to N32.6 billion in the previous year.
Operating Income: Jumped 83% to N149 billion, from N81.4 billion in 2023.
Operating Expenses: Increased by 105% to N62.8 billion, reflecting inflationary pressures and strategic expansion.
Net Finance Cost: Declined by 45% to N12.4 billion due to the full repayment of foreign currency loans.
Gearing Ratio: Reduced from 32% to 21%, highlighting improved financial leverage.
Earnings Per Share: Rose significantly to N1.45, up from N0.40 in 2023.
Total Assets: Expanded by 42% to N751.6 billion from N529.9 billion.
Shareholders’ Funds: Increased by 45%, reaching N271.7 billion, driven by profit accretion.
Dividend: The Group declared a N10.1 billion full-year dividend, translating to N1.00 per share.
Commenting on the performance, Dr. (Mrs.) Owen D. Omogiafo, President/Group CEO of Transcorp, stated:
“Our 2024 results reflect the sustainable value creation strategy of Transcorp. Despite a challenging macroeconomic environment, we have maintained impressive growth across all indices. Through operational efficiency, strategic investments, and a relentless focus on value creation for shareholders, we have strengthened our presence in power, hospitality, and energy sectors. Looking ahead, we will capitalize on emerging opportunities to drive further growth and continue our transformation agenda for Africa.”
Transnational Corporation Plc is a leading conglomerate with investments in power, hospitality, and energy sectors. The Group’s power subsidiaries, Transcorp Power Plc and TransAfam Power Limited, provide approximately 20% of Nigeria’s installed power capacity.
Transcorp also has significant investments in OPL28, reinforcing its role in Nigeria’s energy sector, while Transcorp Hotels Plc operates the prestigious Transcorp Hilton Abuja, a flagship destination in Nigeria’s hospitality industry.
With a strong commitment to improving lives and transforming Africa, Transcorp continues to position itself as a powerhouse in Nigeria’s economic landscape.
