Transnational Corporation Plc (Transcorp) announced financial results showing a 107% revenue increase to N408 billion for the year ended December 31, 2024, compared to N197 billion in 2023.
According to the audited results released on March 6, the Nigerian conglomerate recorded a profit before tax of N136.7 billion, up 132% from N58.8 billion in the previous year. Profit after tax rose 188% to N94.1 billion from N32.6 billion.
Operating income increased by 83% to N149.0 billion, while operating expenses grew 105% to N62.8 billion, which the company attributed to inflation and investments in operational capacity. Net finance cost decreased by 45% to N12.4 billion following repayment of foreign currency loans.
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The company’s gearing ratio decreased to 21% from 32%. Total assets expanded by 42% to N751.6 billion, and shareholders’ funds grew by 45% to N271.7 billion. Earnings per share were N1.45 compared to N0.40 in 2023.
Transcorp declared a dividend of N10.1 billion, representing N1.00 per ordinary share.
Dr. Owen D. Omogiafo, President/Group Chief Executive Officer, cited “operational efficiency, strategic investments, and an uncompromising focus on value creation” as factors behind the growth despite what she described as a “challenging macroeconomic environment.”
Transcorp’s power businesses provide approximately 20% of Nigeria’s installed power capacity. The group also has investments in hospitality through Transcorp Hotels Plc, which owns Transcorp Hilton Abuja, and in energy through OPL28 and renewable energy initiatives.
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