Transcorp generates N408bn revenue in 2024

Transnational Corporation Plc (Transcorp) has announced a revenue increase of N408 billion in the year which ended on December 31, 2024.

In its audited results, Transcorp reported significant year-on-year growth, with a revenue of N408 billion as of December 31, 2024, representing a 107% increase over the revenue of N197 billion in the previous year (2023).

Transcorp also disclosed that its Profit before Tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year.

The company stated that its Profit after Tax improved 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in 2023.

Transcorp noted that its operating income grew by 83%, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023.

The company said its operating expenses increased by 105% year on year, to N62.8 billion in 2024, adding that its Net Finance Cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans.

It stated: “The Group’s Gearing Ratio reduced to 21% from 32% showing positive financial leverage.

“Earnings per share of the Group were N1.45 compared to N0.40 in 2023.

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“Total assets expanded by 42%, increasing from N529.9billion 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, supported by profit accretion to retained earnings.

“Declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.”

Speaking on the results via a statement on Tuesday, March 11, 2025, the President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, 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.

“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.”

The Star