Transcorp Nigeria recorded a 189% increase in profit after tax, reaching N94.08 billion for 2024, alongside a 107% revenue growth to N407.91 billion. Despite an increase in sales costs, gross profit rose significantly, aided by additional gains. Total equity and assets also showed substantial growth, highlighting the company’s focus on strategic investments and shareholder value.
Transnational Corporation Nigeria announced a remarkable 189 percent profit after tax increase, rising from N32.48 billion in 2023 to N94.08 billion for the fiscal year ending December 31, 2024. This exceptional growth was supported by a revenue increase of 107%, reaching N407.91 billion in 2024 compared to N196.99 billion the prior year, driven by robust expansion across all business sectors.
Transcorp is significantly embedded in Nigeria’s energy value chain via Transcorp Energy Limited, while its hospitality division features the prominent Transcorp Hilton Abuja. The corporation declared a dividend of N10.1 billion, translating to N1.00 per ordinary share for its stakeholders.
Despite a rise in sales costs to N212.25 billion from N87.85 billion, the company’s gross profit improved by 79%, achieving N195.67 billion compared to N109.14 billion in 2023. Additional revenue streams contributed positively, notably a gain of N11 billion from share sales and an 84% increase in other gains, which rose from N2.89 billion to N5.32 billion.
Transcorp’s total equity grew from N187.30 billion to N271.69 billion, while its assets surged by 42%, from N529.92 billion to N751.56 billion in 2024. The company reported earnings per share of 145 kobo, a significant increase from 40 kobo in 2023, showcasing strong value creation for shareholders.
Owen Omogiafo, the President and Group Chief Executive Officer of Transnational Corporation Plc, emphasized the company’s commitment to sustainable long-term value creation, noting, “Our financial performance in 2024 reflects the Transcorp Group’s sustainable value creation strategy. We have been able to generate remarkable growth on all indices year after year despite the difficult macroeconomic environment.” She also attributed the growth to strategic investments and operational effectiveness, stating that Transcorp is positioned for expansion, particularly in the power and energy sectors.
In summary, Transcorp Nigeria displayed significant financial growth with a 189% increase in profit after tax in 2024, supported by substantial revenue growth across its business divisions. The company’s focus on strategic investments and operational efficiency contributed to improved gross profit and equity. The leadership of Owen Omogiafo underscores ongoing commitments to sustainable growth and shareholder value, positioning Transcorp for continued success in Nigeria’s energy landscape.
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