Transnational Corporation Plc (Transcorp) has reported a staggering 132% growth in Profit Before Tax (PBT), reaching N136.7 billion for the 2024 financial year, a significant leap from N58.8 billion recorded in the previous year.
The company’s audited financial results reveal that this impressive surge was fueled by a 107% increase in revenue, which soared to N408 billion in 2024, compared to N197 billion in 2023. The Profit After Tax (PAT) also saw an extraordinary 188% jump, rising from N32.6 billion in the previous year to N94.1 billion in 2024. Operating income surged by 83%, reaching N149 billion, up from N81.4 billion in 2023.
Total assets expanded by 42%, growing from N529.9 billion in December 2023 to an impressive N751.6 billion at the end of 2024. Shareholders’ funds also saw a remarkable 45% increase, rising from N187.3 billion to N271.7 billion, driven by profit accretion to retained earnings. Earnings per share skyrocketed to N1.45 in 2024, compared to N0.40 in the previous year.
In recognition of this strong performance, Transcorp has declared a full-year dividend of N10.1 billion, translating to N1.00 per ordinary share for 2024.
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Reacting to the outstanding results, Dr. (Mrs.) Owen D. Omogiafo, President and Group Chief Executive Officer of Transcorp, highlighted the company’s commitment to sustainable growth and value creation. “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have consistently delivered impressive growth across all indices, despite a challenging macroeconomic environment. By leveraging operational efficiency, strategic investments, and a relentless focus on shareholder value, we continue to solidify our leadership in Nigeria’s power, hospitality, and energy sectors,” she stated.
Looking ahead, Omogiafo reaffirmed Transcorp’s commitment to deepening its growth trajectory by capitalizing on emerging opportunities and expanding its footprint across critical sectors. “As we strengthen our position in key industries, we are also exploring new sectors that align with our vision of improving lives and transforming Africa,” she added.
With this record-breaking financial performance, Transcorp continues to solidify its position as a leading force in Nigeria’s corporate landscape, delivering long-term value to investors and stakeholders alike.
