Abuja, Nigeria – Transnational Corporation Plc, widely known as Transcorp, has delivered a stellar financial performance for the year ended December 31, 2024, recording a total revenue of N408bn—a 107% jump from N197bn in 2023. The impressive figures underscore the group’s strategic positioning and market leadership amid a challenging macroeconomic environment.
A significant driver of this growth was the electric energy and capacity segment, which generated N338bn in revenue, accounting for 82.84% of the group’s total earnings. This segment alone experienced a remarkable 116.67% surge from N156bn in 2023.
The audited financial results also revealed robust profitability across the board. Profit before tax soared by 132% to N136.7bn from N58.8bn in the previous year, while profit after tax climbed 188% to N94.1bn, up from N32.6bn. Operating income increased by 83% to N149.0bn compared to N81.4bn, even as operating expenses rose 105% to N62.8bn—reflecting both inflationary pressures and strategic investments to bolster operational capacity.
Transcorp also recorded a 45% reduction in net finance cost, which fell to N12.4bn, attributed largely to the complete repayment of foreign currency loans. Earnings per share improved markedly from N0.40 in 2023 to N1.45 in 2024, while the group’s total assets expanded by 42%, reaching N751.6bn from N529.9bn at the end of 2023.
In a further boost to shareholder value, Transcorp declared a full-year dividend of N10.1bn, equating to N1.00 per ordinary share.
Speaking on the results, Dr Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, 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.”
With this robust performance, Transcorp is poised to build on its successes in 2024 and continue its upward trajectory, reinforcing its role as a major player in Nigeria’s dynamic business landscape.
