Transnational Corporation Plc. (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, has posted an outstanding growth 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, representing a 107 per cent increase over N197 billion in the previous year.
Further highlights revealed that the Profit before Tax grew by 132 per cent to N136.7 billion, compared to N58.8 billion in the previous year. In the same vein, the Profit after Tax improved 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year.
The Operating Income grew by 83 per cent to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023.
The result also revealed that the Group’s Operating Expenses saw an increase of 105 per cent 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 per cent to N12.4 billion, owing to the complete repayment of foreign currency loans. “The Group’s Gearing Ratio reduced to 21 per cent from 32 per cent showing positive financial leverage.
“Earnings per share of the Group were N1.45 compared to N0.40 in 2023. “Total assets expanded by 42 per cent, increasing from N529.9 billion in December 2023 to N751.6 billion at the end of 2024.
“Shareholders’ Funds grew by 45 per cent, 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,” the report noted. Speaking on the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, 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.”
