Godsent Ogbebor
Transcorp Reports N408 Billion Revenue in 2024, Records 188% Profit Growth
Transnational Corporation Plc (Transcorp), Nigeria’s leading listed conglomerate, has announced its financial results for the year ended December 31, 2024, showing significant growth across key performance indicators.
The company reported a revenue of N408 billion, marking a 107% increase from N197 billion recorded in 2023. Profit before tax rose by 132% to N136.7 billion, compared to N58.8 billion in the previous year, while profit after tax surged by 188% to N94.1 billion, up from N32.6 billion in 2023.
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Operating income climbed 83% to N149 billion, while operating expenses increased by 105% to N62.8 billion, reflecting inflationary pressures and strategic investments.
The company also recorded a 45% decline in net finance costs to N12.4 billion, driven by the full repayment of foreign currency loans.
Transcorp’s total assets expanded by 42% to N751.6 billion, while shareholders’ funds rose by 45% to N271.7 billion.
Earnings per share improved to N1.45 from N0.40 in the prior year. The company declared a full-year dividend of N10.1 billion, translating to N1.00 per share.
Commenting on the results, Transcorp’s President and Group Chief Executive Officer, Dr. Owen D. Omogiafo, attributed the company’s strong performance to operational efficiency, strategic investments, and a commitment to value creation.
She reaffirmed the company’s dedication to expanding its footprint in Nigeria’s power, hospitality, and energy sectors while exploring new opportunities for growth.
