Transcorp Group records 107% revenue increase in FY 2024

Transnational Corporation Plc, Nigeria’s leading listed conglomerate, has announced its financial results for the year ended December 31, 2024.

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

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

The Group’s profit before tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year. Profit after tax improved by 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year. Operating income increased by 83% to N149.0 billion in 2024, up from N81.4 billion in 2023.

Operating expenses saw an increase of 105% year-on-year, reaching N62.8 billion in 2024. This reflects 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%, demonstrating positive financial leverage.

Earnings per share for the Group stood at N1.45, compared to N0.40 in 2023. Total assets expanded by 42%, increasing from N529.9 billion 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. The Group declared a full-year dividend of N10.1 billion, representing N1.00 per ordinary share in 2024.

Speaking on the results, Dr. (Mrs.) Owen D. Omogiafo, president and group chief executive officer of Transcorp, commented, “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 strengthening 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.”

Transcorp remains dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.