By Yemisi OLAOYE
Transnational Corporation Plc (Transcorp), one of Nigeria’s leading conglomerates, has reported remarkable growth in its financial performance for the year ended December 31, 2024. The Group’s audited results reveal substantial gains across key metrics, further cementing its market leadership.
Transcorp’s revenue soared by 107% to N408 billion in 2024, up from N197 billion the previous year. Profit Before Tax (PBT) grew by an impressive 132%, reaching N136.7 billion compared to N58.8 billion in 2023. Profit After Tax (PAT) saw an even more significant leap of 188% to N94.1 billion from N32.6 billion in the previous year.
The Group’s operating income also rose by 83% to N149 billion from N81.4 billion in 2023, while operating expenses increased by 105% to N62.8 billion, largely due to inflation and strategic investments aimed at enhancing operational capacity. Additionally, Net Finance Cost dropped by 45% to N12.4 billion following the complete repayment of foreign currency loans.
Financial leverage improved, with the Group’s Gearing Ratio declining to 21% from 32%. Shareholders’ funds rose by 45% to N271.7 billion from N187.3 billion, driven by profit accretion to retained earnings. Total assets also expanded by 42%, climbing from N529.9 billion in 2023 to N751.6 billion by year-end 2024.
Transcorp declared a N10.1 billion full-year dividend, equivalent to N1.00 per ordinary share, signaling its strong commitment to shareholder value. Earnings per share grew from N0.40 in 2023 to N1.45 in 2024.
Commenting on the results, Dr. (Mrs.) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, noted, “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have consistently recorded impressive growth across all indices despite the challenging macroeconomic environment. Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities and strengthening our position across Nigeria’s power, hospitality, and energy sectors.”
Transcorp’s power businesses, Transcorp Power Plc and TransAfam Power Limited, provide approximately 20% of Nigeria’s installed power capacity. The Group is also investing in Nigeria’s energy value chain through OPL28 and expanding its renewable energy portfolio via Transcorp Energy Limited.
The conglomerate’s hospitality arm, Transcorp Hotels Plc, continues to thrive, with its flagship property, Transcorp Hilton Abuja, serving as a prominent destination in Nigeria’s hospitality industry.
Transcorp remains focused on long-term growth, strategic investments, and creating value for its shareholders.
