Transnational Corporation Plc, one of Nigeria’s leading diversified conglomerates, has announced an impressive 107 percent revenue growth for the fiscal year 2024, reflecting its strong operational performance and strategic business expansion.
The leading listed conglomerate in Nigeria said this in its announced financial results for the year ended December 31, 2024.
Its profit before tax surged by 132 percent, underscoring its commitment to delivering value for shareholders and driving sustainable growth.
This remarkable financial performance highlights Transcorp’s resilience, efficiency, and ability to capitalise on emerging opportunities across its key business segments, including power, hospitality, and energy.
Consistent with its track record, the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.
In its audited results, Transcorp reported significant year-on-year growth, with revenue reaching N408 billion as of December 31, 2024, representing a 107 percent increase from N197 billion in the previous year.
A further breakdown of the results shows that: Profit before tax grew by 132 percent to N136.7 billion, compared to N58.8 billion in the previous year; Profit after tax improved by 188 percent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year; Operating income grew by 83 percent, reaching N149.0 billion in 2024, up from N81.4 billion in 2023.
Also, Operating expenses increased by 105 percent year-on-year to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity; Net finance cost decreased by 45 percent to N12.4 billion, owing to the complete repayment of foreign currency loans while the Group’s gearing ratio reduced to 21 percent from 32 percent, showing positive financial leverage.
Earnings per share rose to N1.45, compared to N0.40 in 2023; Total assets expanded by 42 percent, increasing from N529.9 billion in December 2023 to N751.6 billion at the end of 2024; Shareholders’ funds grew by 45 percent, from N187.3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings and al full-year dividend of N10.1 billion declared, representing N1.00 per ordinary share in 2024.
Speaking on the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, said: “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group.
“We have consistently recorded impressive growth across all indices year-on-year, despite the challenging macroeconomic environment.
“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.
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“Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities and strengthening our position across Nigeria’s power, hospitality, and energy sectors, while exploring new opportunities that align with our mission of improving lives and transforming Africa.”
Transcorp remains committed to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.
Transnational Corporation Plc is one of Africa’s leading listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses — Transcorp Power Plc and TransAfam Power Limited — provide approximately 20 percent of Nigeria’s installed power capacity.
Transcorp is also committed to developing Nigeria’s domestic energy value chain through its investments in OPL28 and its renewable energy initiatives via Transcorp Energy Limited.
The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.
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