Transcorp Nigeria reported a 189% increase in profit after tax, reaching N94.08 billion in 2024. Revenue doubled to N407.91 billion due to strong performance in all business divisions. The company declared a dividend of N10.1 billion and emphasized its commitment to long-term value creation, particularly in the power and energy sectors.
Transnational Corporation Nigeria (Transcorp) experienced a remarkable financial performance, reporting an 189% increase in profit after tax, soaring from N32.48 billion in 2023 to N94.08 billion for the fiscal year that concluded on December 31, 2024. The company’s revenue more than doubled, rising by 107% to N407.91 billion, attributed to strong growth across all business sectors.
The conglomerate is well-established in Nigeria’s energy sector through its subsidiary, Transcorp Energy Limited, and operates the prestigious Transcorp Hilton Abuja via Transcorp Hotels Plc. This year, the company declared a dividend of N10.1 billion, equating to N1.00 per ordinary share.
Although costs associated with sales increased from N87.85 billion to N212.25 billion, gross profit saw a substantial rise of 79%, reaching N195.67 billion from N109.14 billion in 2023. Additional income channels also contributed positively, including an N11 billion gain from share sales and a notable increase in other income, which surged by 84% to N5.32 billion.
Transcorp’s total equity rose dramatically from N187.30 billion to N271.69 billion, while its assets grew by 42%, advancing from N529.92 billion to N751.56 billion in 2024. This growth is reflected in earnings per share, which improved significantly to 145 kobo from 40 kobo last year.
Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation Plc, emphasized the company’s commitment to long-term value generation. Omogiafo stated that the impressive financial results are indicative of the Group’s sustainable growth strategy, enabling them to achieve remarkable progress in challenging economic conditions. She highlighted the importance of strategic investments, operational efficiency, and a focus on shareholder value as pivotal to their success. Looking ahead, Omogiafo affirmed that Transcorp is strategically positioned for further growth, particularly in the power and energy sectors, as they continue to seek innovative approaches to maintain their momentum.
In conclusion, Transnational Corporation Nigeria has experienced a profound increase in profits and revenue, primarily driven by its extensive operations in the energy sector and strategic investments. With a commitment to sustainable growth and shareholder value, the company is well-prepared for future expansions. CEO Owen Omogiafo’s comments underscore the organization’s proactive stance in navigating economic challenges, ensuring continued progress.
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