Transnational Corporation Plc (Transcorp) has announced remarkable financial results for 2024, showcasing impressive growth across all key indicators. The conglomerate reported a 107% revenue increase, reaching N408 billion, up from N197 billion in 2023. Profit before tax surged by 132% to N136.7 billion, while profit after tax soared 188% to N94.1 billion.
Operating income rose 83% to N149 billion, despite a 105% rise in expenses, reflecting inflation and strategic capacity investments. Notably, net finance costs dropped 45% to N12.4 billion, following the repayment of foreign currency loans. The Group’s gearing ratio improved to 21%, signaling enhanced financial leverage.
Total assets grew by 42% to N751.6 billion, and shareholders’ funds increased 45% to N271.7 billion, driven by profit retention. Earnings per share jumped to N1.45 from N0.40 in 2023, with a declared N10.1 billion dividend (N1.00 per share).
CEO Dr. Owen Omogiafo highlighted Transcorp’s commitment to sustainable growth, emphasizing efficiency, strategic investments, and value creation. She affirmed the Group’s focus on expanding in power, hospitality, and energy sectors, contributing to Nigeria’s development.
With power assets supplying 20% of Nigeria’s installed capacity and iconic properties like Transcorp Hilton Abuja, Transcorp remains steadfast in its mission to improve lives and transform Africa.
