Transnational Corporation Plc (Transcorp Group) has announced a remarkable 132% increase in Profit Before Tax (PBT) to N136.7 billion for the operating year ended December 2024, up from N58.8 billion in the previous year. The impressive financial performance was disclosed in the company’s audited results, which also revealed a 107% surge in revenue to N408 billion in 2024, compared to N197 billion in 2023.
The Group’s Profit After Tax (PAT) saw an even more significant rise, growing by 188% year-on-year to N94.1 billion in 2024, up from N32.6 billion in the same period last year. Operating Income also experienced substantial growth, increasing by 83% to N149.0 billion in 2024, compared to N81.4 billion in 2023.
Transcorp Group’s Total Assets expanded by 42%, rising 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, driven by profit accretion to retained earnings. Earnings per share (EPS) for the Group stood at N1.45, a significant increase from N0.40 in 2023.
In light of its strong financial performance, the company declared a full-year dividend of N10.1 billion, representing N1.00 per ordinary share for 2024.
Dr. (Mrs) Owen D. Omogiafo, President and Group Chief Executive Officer of Transcorp, commented on the results, stating, “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.”
She added, “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.”
The outstanding results underscore Transcorp Group’s resilience and strategic focus on driving growth across its diversified portfolio. The company’s ability to deliver consistent performance in a challenging economic environment highlights its operational excellence and commitment to creating value for its stakeholders.
Transcorp Group’s success in 2024 reflects its strategic investments and efficient management across its core sectors, including power, hospitality, and energy. The Group’s focus on innovation, sustainability, and expansion positions it well to capitalize on emerging opportunities and contribute to Nigeria’s economic development.
As Transcorp Group continues to strengthen its market position, stakeholders can expect sustained growth and increased shareholder value in the years to come. The company’s commitment to improving lives and transforming Africa remains at the heart of its operations, driving its pursuit of excellence and long-term success.
