Transcorp Group records N408bn revenue in 2024

…PBT increases by 132%

Transnational Corporation Plc (Transcorp or the “Group”), has announced its financial results for the year ended December 31, 2024.

In its audited results, Transcorp reported year-on-year growth, with a revenue of N408 billion as at December 31, 2024, representing a 107 per cent increase over the revenue of N197 billion in the previous year.

The highlights of Transcorp Group results are: Full year 2024 revenue increased by 107 per cent, rising to N408 billion from N197billion of 2023; Profit before Tax (PBT) grew by 132 per cent to N136.7 billion, compared to N58.8 billion in the previous year; Profit after Tax (PAT) improved 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year. Alos, operating income grew by 83 per cent to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023; 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 N529.9billion 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.

Speaking on the results, Dr. Owen Omogiafo, Group Chief Executive Officer of Transcorp, said; “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We’ve 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, wem will deepen our growth 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.