Transcorp Group delivers outstanding H1 returns, records 114% revenue growth
Efe Tega
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, reported its Half-Year 2024 unaudited results, showing impressive year-on-year growth, for the period ended June 30, 2024.
In its half year financial statement, the Group’s H1 2024 revenue grew from N82.1 billion in 2023 to N175.4 billion in 2024, indicating a 114 per cent increase. This is just as profit before tax grew by 283 per cent to N70.9 billion from N18.5 billion in the same period of 2024. This once more demonstrates the Group’s ability to perform strongly, despite economic headwinds.
Also, the Group declared an interim dividend of 10k per share, matching the amount declared for full-year 2023. This interim dividend declaration is an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Breakdown showed that total assets grew by 18 per cent, moving from N529.9 billion in December 2023 to N625.1 billion in the first 6 months of 2024.
In addition, shareholders’ Funds increased by 25 per cent from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings.
Operating expenses experienced a 50 per cent to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations. “Net finance cost: Increased by 8% to N7.1 billion in H1 2024. from N6.6 billion in H1 2023, owing to increase in interest rates.”
Group Chairman, Transcorp Group, Tony Elumelu stated that “Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for.
“We are building to last, across key sectors in Nigeria. In power, our generating capacity and output continue to increase, the turnaround at AEDC is beginning to bear fruit and we are innovating, with our recent commitment to embed power in Abuja, bringing our vision of an integrated energy business every closer. In hospitality, the Transcorp Hilton provides Nigerian excellence to our domestic and international guests, and our occupancy rates reflect our investment in infrastructure and service. We look forward to continuing delivering on that vision, rewarding our shareholders and transforming Nigeria.”
Commenting on the outstanding H1 2024 performance, President/Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, attributed the Group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.
She said: “Our outstanding H1 2024 performance is a demonstration of our resilience, relentless execution, and dedication to operational excellence, despite challenging macro-economic factors. Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long term value to our stakeholders.”
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.
