Transcorp Group records outstanding growth as revenue increases by 107% in 2024

Transnational Corporation Plc has announced its financial results for the year ended December 31, 2024.

In its audited results, Transcorp reported significant year-on-year growth, with a revenue of N408 billion as at December 31, 2024, representing a 107% increase over the revenue of N197 billion in 2023.

Consistent with its results track record, the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.

According to the company in its report, Profit before Tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year while Profit after Tax improved 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year.

Operating income grew by 83%, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023 just as operating expenses saw an increase of 105% year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.

Furthermore, Net Finance Cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans, the company said, adding that its Group’s Gearing Ratio reduced to 21% from 32% showing positive financial leverage.

In addition, total assets expanded by 42%, increasing from N529.9billion in December 2023 to N751.6 billion at the end of 2024.

The conglomerate stated it witnessed growth as earnings per share were N1.45 compared to N0.40 in 2023.

Similarly, 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.

It “declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.”

Commenting on the result, President/Group Chief Executive Officer of Transcorp, Dr. Owen Omogiafo, said, “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have 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. Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities, and strengthen our position across Nigeria’s power, hospitality, and energy sectors, even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa.”