Transcorp Group FY 2024 revenue rises 107%, PBT 132%

By Tochukwu Bliss, Abuja

Transnational Corporation Plc, Nigeria’s leading listed conglomerate, has reported a significant year-on-year growth in revenue of N408 billion as of December 31, 2024.

This represents a 107% increase over the N197 billion in the previous year.

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

Other highlights

• Profit before Tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year.

• 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.

• 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.

• Net Finance Cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans.

• The Group’s Gearing Ratio reduced to 21% from 32% showing positive financial leverage.

• Earnings per share of the Group were N1.45 compared to N0.40 in 2023.

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

• 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.

• Declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.

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.

Speaking on the results, 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, Ms. Omogiafo assured that the Group “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.”

Reiterating Transcorp’s dedication to its transformation agenda, she emphasized sustained growth and a relentless pursuit of long-term value for its shareholders.

Transcorp Group operations cut across various segments including power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp Power Plc. and TransAfam Power Limited – provide approximately 20% of Nigeria’s installed power capacity. 

Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL 28, and its renewable energy drive through Transcorp Energy Limited.

The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.