Transcorp Group declares 132% growth in profit to N136.7bn
Transnational Corporation Plc has announced its audited financial statement for full year ended December 31, 2024 that showed a profit before tax of N136.7 billion.
This is 132per cent growth in PBT when compared to N58.8 billion in the previous year.
The Nigeria’s leading conglomerate on the Nigerian Exchange Limited (NGX) declared N94.1 billion profit after tax, a growth oof 188 per cent from N32.6 billion in 2023 financial year.
Amid increase in profit, the management declared N10.1 billion full year ended, representing N1.00 per ordinary share in 2024 financial year.
The group has been consistent with its results track record, as it 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 in 2024, representing a 107per cent increase over the revenue of N197 billion in 2023.
From the profit & loss figure, it announced operating Income of N149 billion in 2024, up by 83 per cent from N81.4billion in the corresponding period in 2023.
In the period under review, operating expenses stood at N62.8 billion in the year under review, an increase f 105 per cent as it reflected 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.
From balance sheet position, Transcorp announced a total assets of N751.6 billion at the end of 2024, about 42 per cent increase over N529.9 billion in 2023, while shareholders’ funds closed 2024 at N271.7 billion, an increase of 45 per cent from N187.3billion in 2023, supported by profit accretion to retained earnings.
Speaking on the results, President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen Omogiafo in a statement 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.
He added that, “Looking ahead, we 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.”
Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders,” Group Company Secretary, Transcorp, Atinuke Kolade stated in a statement.
