Transcorp Group Reports 107% Revenue Surge, 132% PBT Increase

Festus Akanbi

Nigeria’s leading listed conglomerate, Transnational Corporation Plc, better known as Transcorp, has reported an impressive financial performance for the year ended December 31, 2024, with revenue surging by 107 per cent to N408 billion from N197 billion in the previous year.

The audited financial results show robust profitability, with profit before tax rising by 132 per cent to N136.7 billion, compared to N58.8 billion in 2023.
 Profit after tax recorded a significant 188 per cent growth, reaching N94.1 billion from N32.6 billion. Also, operating income increased by 83 per cent to N149.0 billion, driven by strong operational performance and strategic expansion.

Operating expenses rose by 105 per cent to N62.8 billion, reflecting inflationary pressures and ongoing investments in capacity enhancement. However, net finance costs declined by 45 per cent to N12.4 billion following the full repayment of foreign currency loans, contributing to an improved gearing ratio of 21 per cent from 32 per cent in the prior year. Total assets expanded by 42 per cent to N751.6 billion, up from N529.9 billion in December 2023, while shareholders’ funds increased by 45 per cent to N271.7 billion, bolstered by retained earnings from higher profitability.

Earnings per share improved significantly to N1.45 in 2024, up from N0.40 in 2023, highlighting strong value creation for shareholders. The company declared a full-year dividend of N10.1 billion, translating to N1.00 per ordinary share.

Speaking on the results, the President/Group Chief Executive Officer of Transcorp, Mrs. Owen D. Omogiafo, commented, “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.”

According to her, “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, we will deepen our growth trajectory by seizing emerging opportunities, and strengthen 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.”