Transnational Corporation Plc (Transcorp) has grown profit before tax (PBT) by 132 per cent to N136.7 billion last year, up from N58.8 billion in the previous year.
Similarly, profit after tax (PAT) climbed 188 per cent to N94.1 billion, compared to N32.6 billion in 2023. It also achieved a revenue growth of N408 billion last year, representing a 107 per cent increase compared to N197 billion in 2023.
The group also announced its audited financial results for the year ended December 31, 2024, which shows impressive growth across all key performance indicators.
The group’s operating income rose by 83 per cent to N149 billion, while operating expenses increased by 105 per cent year-on-year to N62.8 billion, reflecting inflationary pressures and expansion initiatives.
However, Transcorp benefited from improved financial management, as net finance costs declined by 45 per cent to N12.4 billion, following the full repayment of foreign currency loans.
Transcorp also reported a 42 per cent increase in total assets, reaching N751.6 billion in 2024 from N529.9 billion in the previous year, while shareholders’ funds grew by 45 per cent to N271.7 billion from N187.3 billion in 2023, driven by profit accretion to retained earnings.
The company further declared a N10.1 billion full-year dividend, translating to N1 per ordinary share with N1.45 earnings per share compared to N0.4 in 2023, while the gearing ratio reduced to 21 per cent from 32 per cent, showing positive financial leverage.
The company’s earnings per share were N1.45 compared to N0.40 in 2023, attributing this growth to operational efficiencies and strategic investments across its business segments.
Commenting on the results, the President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, emphasised that the company’s financial performance reflects its sustainable value creation strategy. She said the group has 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,” she stated.
Omogiafo further stated that the company remains committed to expanding its presence in Nigeria’s power, hospitality and energy sectors, while exploring new opportunities aligned with its mission to improve lives and transform Africa.
