Transnational Corporation (Transcorp) has reported significant year-on-year growth in the year ended December 31, 2024, with a revenue of N408 billion representing a 107 per cent increase over the revenue of N197 billion in the previous year.
The group’s audited results for the 2024 financial year showed that profit before tax also grew by 132 per cent to N136.7 billion, compared to N58.8 billion in the previous year, while profit after tax improved 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year.
Also, operating income grew by 83 per cent to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023, while operating expenses saw an increase of 105 per cent year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.
The group declared a N10.1 billion full year dividend for the year, representing N1.00 per ordinary share for the year 2024.
Transcorp said “consistent with its results track record, the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.”
In its audited results, Transcorp reported significant year-on-year growth, with a revenue of N408 billion as at December 31, 2024, representing a 107 per cent increase over the revenue of N197 billion in the previous year.
Profit before Tax grew by 132 per cent to N136.7 billion, compared to N58.8 billion in the previous year. Profit after Tax improved 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in 2023, while earnings per share stood at N1.45 compared to N0.40 in 2023.
Operating Income grew by 83 per cent to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023, while operating expenses saw an increase of 105 per cent year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.
Net Finance Cost decreased by 45 per cent to N12.4 billion, owing to the complete repayment of foreign currency loans, while the Group’s Gearing Ratio reduced to 21 per cent from 32 per cent showing positive financial leverage.
Total assets expanded by 42 per cent, increasing from N529.9 billion in December 2023 to N751.6 billion at the end of 2024, while shareholders’ funds grew by 45 per cent from N187.3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings.
Speaking on the results, president/group chief executive officer of Transcorp, Dr. Owen Omogiafo said, “our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have been able to consistently record impressive growth across all indices year on year, despite the challenging macroeconomic environment.”
She stated that “in the sectors we operate, we have delivered consistent growth by leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders.”
Looking ahead, Omogiafo said, “we will deepen our growth trajectory by seizing emerging opportunities, and strengthening our position across Nigeria’s power, hospitality, and energy sectors, even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa.”
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