Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp or the Group), has revealed impressive financial results for the year ended December 31, 2024, continuing its solid growth trajectory.
Thank you for reading this post, don't forget to subscribe!In a remarkable performance that underscores its market leadership, Transcorp posted a 107% year-on-year revenue growth, reaching N408 billion, up from N197 billion in 2023.
The Group’s profit before tax surged by 132% to N136.7 billion, compared to N58.8 billion in the previous year. Similarly, profit after tax (PAT) saw a significant increase of 188%, climbing to N94.1 billion, up from N32.6 billion in 2023.
Operating expenses rose by 105% year-on-year, reaching N62.8 billion in 2024, primarily driven by inflation and strategic investments aimed at expanding operational capacity. Meanwhile, the Group’s net finance costs dropped by 45% to N12.4 billion, reflecting the successful full repayment of foreign currency loans.
Transcorp also reported a 42% increase in total assets, which amounted to N751.6 billion by the end of 2024, up from N529.9 billion in 2023. Shareholders’ funds grew by 45%, reaching N271.7 billion, compared to N187.3 billion the previous year, propelled by profit reinvestment into retained earnings.
In terms of shareholder returns, Transcorp declared a N10.1 billion full-year dividend, equivalent to N1 per ordinary share. Earnings per share also rose to N1.45, compared to N0.4 in 2023. The Group’s gearing ratio improved to 21% from 32%, indicating a positive shift in its financial leverage.
Dr. (Mrs) Owen D. Omogiafo, President and Group CEO of Transcorp, commented, “Our 2024 financial performance reflects our sustainable value creation strategy. Despite a challenging macroeconomic environment, we have achieved consistent growth across all metrics. By leveraging operational efficiency, strategic investments, and an unwavering focus on shareholder value, we remain well-positioned to continue our growth in Nigeria’s power, hospitality, and energy sectors. We are also considering expanding into other sectors that align with our mission to improve lives and transform Africa.”
Transcorp’s results highlight its ongoing commitment to transformation, sustained growth, and long-term shareholder value.
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