Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, reported its Half-Year (H1) 2024 unaudited results, showing impressive year-on-year (YoY) growth, for the period ended June 30, 2024.
The Group’s H1 2024 revenue grew from N82.1 billion in 2023 to N175.4 billion in 2024, a 114percent increase, and profit before tax grew by 283percent to N70.9 billion, demonstrating, once again, the Group’s ability to perform strongly, despite the economic headwinds.
The Group has declared an interim dividend of 10kobo per share, matching the amount declared for full-year 2023. This interim dividend declaration is an affirmation of Transcorp Group’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Revenue grew significantly by 114 percent, to N175.4 billion, compared to N82.1 billion in H1 2023. Profit Before Tax rose by 283percent, amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year. Total assets rose by 18percent from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
Shareholders’ funds increased by 25 percent from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings. Operating expenses increased by 50 percent in the H1 period to N21.2 billion, reflecting the impact of inflation and cost of operations. Net finance cost increased by 8 percent to N7.1 billion in H1 2024, from N6.6 billion in H1 2023, owing to increase in interest rates.
Tony O. Elumelu, group chairman, Transcorp Group, stated: “Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for. We are building to last, across key sectors in Nigeria. In power, our generating capacity and output continue to increase, the turnaround at AEDC is beginning to bear fruit and we are innovating, with our recent commitment to embed power in Abuja, bringing our vision of an integrated energy business every closer.
“In hospitality, the Transcorp Hilton provides Nigerian excellence to our domestic and international guests, and our occupancy rates reflect our investment in infrastructure and service. We look forward to continue delivering on that vision, rewarding our shareholders and transforming Nigeria.”
Also, commenting on the outstanding H1 2024 performance, Owen Omogiafo, president/Group Chief Executive Officer of Transcorp Group, attributed the Group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.
She said: “Our outstanding H1 2024 performance is a demonstration of our resilience, relentless execution, and dedication to operational excellence, despite challenging macro-economic factors. Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long-term value to our stakeholders.”
