Transcorp Group achieved a 107% revenue surge in 2024, reaching N408bn, with profits soaring. Read more on its impressive financial performance

[dropcap]T[/dropcap]ransnational Corporation Plc (Transcorp), Nigeria’s leading listed conglomerate, has announced its financial results for the year ended 31 December 2024.

Also read: LIRS surpasses ₦1 trillion revenue milestone, setting national record

The Group sustained its impressive growth trajectory, delivering substantial year-on-year increases across key financial indicators, reinforcing its position as a market leader.

Transcorp reported a 107% revenue increase, climbing to N408 billion in 2024 from N197 billion in the previous year.

The Group also posted significant growth in profits:

Profit Before Tax surged by 132% to N136.7 billion, compared to N58.8 billion in 2023.

Source: Read more at freelanews.com
Profit After Tax skyrocketed 188% to N94.1 billion, up from N32.6 billion in the previous year.
Operating Income increased 83% to N149 billion in 2024, compared to N81.4 billion in 2023.

Despite rising operational expenses, which grew by 105% to N62.8 billion due to inflation and strategic investments, Transcorp demonstrated financial resilience:

Net Finance Cost decreased by 45% to N12.4 billion, thanks to the complete repayment of foreign currency loans.
Gearing Ratio improved to 21% from 32%, reflecting better financial leverage.
Total Assets expanded by 42% to N751.6 billion, up from N529.9 billion in 2023.
Shareholders’ Funds grew 45% to N271.7 billion, driven by profit retention.
Earnings Per Share (EPS) rose to N1.45, up from N0.40 in 2023.

As a testament to its strong performance, the Group declared a N10.1 billion full-year dividend, representing N1.00 per ordinary share.

Commenting on the results, Dr. (Mrs) Owen D. Omogiafo, President/Group CEO of Transcorp, highlighted the Group’s unwavering commitment to growth and value creation.

“Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group.

We have consistently recorded impressive growth despite a challenging macroeconomic environment.

By leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders, we have delivered strong results across our sectors.

Looking ahead, we will deepen our growth trajectory, seize emerging opportunities, and strengthen our position in power, hospitality, and energy, while exploring new sectors to further our purpose of improving lives and transforming Africa.”

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading listed conglomerates, with strategic investments in power, hospitality, and energy.

Through its subsidiaries, Transcorp Power Plc and TransAfam Power Limited, the Group provides approximately 20% of Nigeria’s installed power capacity.

Transcorp is also committed to developing Nigeria’s domestic energy value chain through investments in OPL28 and renewable energy initiatives under Transcorp Energy Limited.

Additionally, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.

With a clear vision for sustained growth, Transcorp remains focused on long-term value creation for shareholders and contributing to Africa’s economic transformation.