Ololade Adeyanju/
Transnational Corporation Plc (Transcorp), Nigeria’s leading listed conglomerate, has announced an exceptional financial performance for the 2024 fiscal year, marking a significant leap in revenue and profitability.
According to its audited results for the year ended December 31, 2024, Transcorp recorded a 107% revenue growth, surging to N408 billion from N197 billion in 2023. The company also posted a 132% increase in profit before tax (PBT), reaching N136.7 billion, compared to N58.8 billion in the previous year.
Key Financial Highlights:
- Revenue: N408 billion (+107% YoY)
- Profit Before Tax: N136.7 billion (+132% YoY)
- Profit After Tax: N94.1 billion (+188% YoY)
- Operating Income: N149.0 billion (+83% YoY)
- Net Finance Cost: Decreased by 45% to N12.4 billion due to full repayment of foreign currency loans
- Earnings Per Share: N1.45 (up from N0.40 in 2023)
- Total Assets: N751.6 billion (+42%)
- Shareholders’ Funds: N271.7 billion (+45%)
- Declared Dividend: N10.1 billion, translating to N1.00 per share
Dr. (Mrs.) Owen D. Omogiafo, President/Group CEO of Transcorp, attributed the company’s remarkable growth to a well-executed value creation strategy and operational efficiency.
“Our 2024 financial performance reflects Transcorp Group’s commitment to sustainable value creation. Despite macroeconomic challenges, we have consistently delivered growth across all key financial indicators. By leveraging strategic investments and operational excellence, we continue to strengthen our position in Nigeria’s power, hospitality, and energy sectors. Moving forward, we will seize emerging opportunities to drive even greater expansion,” she stated.
Transcorp’s diverse portfolio spans power, hospitality, and energy. Its subsidiaries, Transcorp Power Plc and TransAfam Power Limited, contribute approximately 20% of Nigeria’s installed power capacity. The Group is also making strides in the domestic energy value chain with OPL28 and its renewable energy initiatives through Transcorp Energy Limited.
In hospitality, Transcorp Hotels Plc remains a dominant player, operating the prestigious Transcorp Hilton Abuja, a flagship destination in Nigeria’s hospitality industry.
With its 2024 results underscoring sustained growth and financial strength, Transcorp continues to reinforce its mission of improving lives and transforming Africa.
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