March 10, (THEWILL) – Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp or the Group), has announced its financial results for the year ended December 31, 2024.
Consistent with its results track record, the Group sustained a strong growth trajectory across its financial indicators.
Reinforcing its market leadership and strategic positioning, Transcorp reported significant year-on-year growth, with a revenue of N408 billion as of December 31, 2024. This represents a 107% increase over the revenue of N197 billion in the previous year.
According to the results, the Group’s profit before tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year. Similarly, profit after tax (PAT) climbed 188 percent to N94.1 billion, compared to N32.6 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.
Transcorp also reported a 42 percent increase in total assets, reaching N751.6 billion in 2024 from N529.9 billion in the previous year, while shareholders’ funds grew by 45 percent to N271.7 billion from N187.3 billion in 2023, driven by profit accretion to retained earnings
However, Transcorp benefited from improved financial management, as net finance costs declined by 45 percent to N12.4 billion, following the full repayment of foreign currency loans.
The Group further declared a N10.1 billion full-year dividend, translating to N1 per ordinary share with N1.45 earnings per share compared to N0.4 in 2023, while the gearing ratio reduced to 21 percent from 32 percent, showing positive financial leverage.
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 in which 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 is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.
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