Transcorp Group records 132% growth in profits to N136.7bn
Transcorp Group records 132% growth in profits to N136.7bn
Transnational Corporation Plc has recorded 132 per cent growth in Profit Before Tax, PBT to N136.7 billion in the operating year ended December 2024 from N58.8 billion in the previous year.
The Company disclosed this in its audited results for the year, which showed that the surge in PBT was driven by a 107 per cent increase in revenue to N408 billion in 2024 from N197 billion in the previous year.
According to the results, Profit after Tax rose 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year. Operating Income grew by 83%, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023.
In the same vein, 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. Earnings per share of the Group were N1.45 compared to N0.40 in 2023.
Consequently, the company declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.
Speaking on the results, Dr. (Mrs) Owen D. Omogiafo, President/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 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.”
