Transnational Corporation Plc (Transcorp Group) on Monday reported a 107 percent growth in its revenue and 132 percent rise in its profit before tax for financial year ended December 31, 2024.
Details contained in its latest audited financial results showed significant year-on-year growth in revenue of N408 billion from about N197 billion recorded in the previous year, while profit before tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year, and Profit after Tax improved by 188% year-on-year to N94.1 billion, from N32.6 billion in the same period last year.
Also, operating income grew by 83%, to N149.0 billion from N81.4 billion in the corresponding period in 2023, while operating expenses rose by 105% year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.
Besides, net finance cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans, while the Group’s Gearing Ratio reduced to 21% from 32%, showing positive financial leverage.
Consequently, earnings per share of the Group were N1.45, compared to N0.40 in 2023, while total assets expanded by 42%, from N529.9 billion in December 2023 to N751.6 billion at the end of 2024.
In addition, Shareholders’ Funds grew by 45%, from N187.3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings, allowing the Group to declare N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.
The company said the performance was consistent with its results track record, which showed the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.
Speaking on the results, the President/Group Chief Executive Officer of Transcorp, Dr. Owen D. Omogiafo, said the Group’s 2024 financial performance reflects its sustainable value creation strategy.
“Transcorp Group has been able to consistently record 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,” she said.
Looking ahead, she said the Group would deepen its growth trajectory by seizing emerging opportunities, and strengthening its position across Nigeria’s power, hospitality, and energy sectors, even as it’s considering more sectors that take the Group closer to its purpose of improving lives and transforming Africa.”
“Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders,” she said.
