Transnational Corporation Nigeria reported a 189% profit increase, reaching N94.08 billion in 2024. Revenue doubled to N407.91 billion, driven by robust sector growth. The company also declared a dividend of N10.1 billion and achieved substantial gains from investments. Overall, Transcorp’s financial performance reflects its strategic focus on growth and shareholder value.
Transnational Corporation Nigeria experienced a remarkable 189 percent surge in profit after tax, escalating from N32.48 billion in 2023 to N94.08 billion for the fiscal year ending December 31, 2024. The company, listed on the Nigerian Stock Exchange (NGX), reported revenue that more than doubled, with an increase of 107% to N407.91 billion in 2024, up from N196.99 billion the previous year. This exceptional performance stemmed from robust growth across all business sectors.
Transcorp is deeply embedded in Nigeria’s energy sector through Transcorp Energy Limited, and it also owns the prestigious Transcorp Hilton Abuja, bolstering its hospitality operations under Transcorp Hotels Plc. The company declared a dividend of N10.1 billion, translating to N1.00 per ordinary share.
Despite the surge in profits, sales costs rose significantly, increasing to N212.25 billion from N87.85 billion. Nevertheless, the company’s gross profit experienced a substantial boost, rising by 79% to N195.67 billion, up from N109.14 billion in 2023. Supplementary income streams also contributed positively to the bottom line.
Transcorp reported a notable N11 billion gain from share sales, while other income gains climbed by 84% to N5.32 billion from N2.89 billion. Moreover, the company’s total equity increased from N187.30 billion to N271.69 billion, and its assets grew by 42%, from N529.92 billion to N751.56 billion in 2024. Shareholders reaped the rewards with an earnings per share of 145 kobo for the year, a substantial increase from 40 kobo in 2023.
Owen Omogiafo, the President and Group Chief Executive Officer of Transnational Corporation Plc, emphasized the company’s long-term value creation commitment. “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 stated.
Omogiafo also highlighted that strategic investments, operational efficiency, and a focus on shareholder value have been pivotal to the company’s growth. She assured that Transcorp remains well-positioned for future expansion, particularly within the power and energy sectors, while actively pursuing innovative strategies to maintain its growth trajectory.
In conclusion, Transnational Corporation Nigeria has demonstrated a significant increase in profitability and revenue in 2024, largely driven by effective management and strategic investments across its sectors. Despite rising costs, the company achieved impressive gross profits and increased equity. With a commitment to long-term value and further growth in key industries, Transcorp’s future appears promising.
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