Transcorp Group Profits Surge on Strong Bottom Line
Transnational Corporation reported an 189 percent increase in profit after tax, from N32.48 billion in 2023 to N94.08 billion for the year ending December 31, 2024.
The NGX-listed conglomerate revealed that revenue more than doubled, increasing by 107% to N407.91 billion in 2024 from N196.99 billion in 2023. The impressive performance was fueled by robust expansion in all its business divisions.
Transcorp has deep roots in Nigeria’s energy value chain through Transcorp Energy Limited. Nigeria’s premier hospitality destination, the renowned Transcorp Hilton Abuja, is owned byTranscorp Hotels Plc.
The business declared a dividend of N10.1 billion, representing N1.00 per ordinary share.
However, sales costs increased to N212.25 billion from N87.85 billion, and the company’s gross profit increased by 79% to N195.67 billion from N109.14 billion in 2023. Other sources of income also helped the bottom line.
The Nigerian listed company also reported a gain of N11 billion from the sale of shares, and other gains increased by 84% to N5.32 billion from N2.89 billion.
Transcorp’s total equity increased from N187.30 billion to N271.69 billion, and its assets increased by 42% from N529.92 billion to N751.56 billion in 2024. Shareholders benefited from strong value creation with earnings per share of 145 kobo for the year, up significantly from 40 kobo in 2023.
Owen Omogiafo, Transnational Corporation’s President/Group Chief Executive Officer, reiterated the company’s dedication to long-term value creation in its earnings.
Omogiafo said, “Our financial performance in 2024 reflects the Transcorp Group’s sustainable value creation strategy. , we have been able to generate remarkable growth on all indices year after year despite the difficult macroeconomic environment”
She added that strategic investments, operational effectiveness, and a focus on shareholder value were the main reasons for the company’s growth. Omogiafo continued by saying that Transcorp is still well-positioned to expand, particularly in the power and energy sectors, as it searches for innovative strategies to sustain its present growth rate.
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