Transnational Corporation Nigeria reported a 189% increase in profit after tax, reaching N94.08 billion for the year ending December 31, 2024, fueled by a 107% rise in revenue to N407.91 billion. The company declared a N10.1 billion dividend and saw significant growth across its equity and assets. Transcorp’s strategic investments and operational effectiveness highlight its commitment to sustainable growth in the energy sector.
Transnational Corporation Nigeria has reported a remarkable 189% increase in profit after tax for the fiscal year ending December 31, 2024, climbing from N32.48 billion in 2023 to N94.08 billion. This growth is attributed to a significant surge in revenue, which more than doubled, reaching N407.91 billion, a 107% increase from N196.99 billion the previous year, driven by strong expansion across all business divisions.
Transcorp has a strong presence in Nigeria’s energy sector via Transcorp Energy Limited, while also owning the prominent Transcorp Hilton Abuja under Transcorp Hotels Plc. The corporation announced a dividend of N10.1 billion, equating to N1.00 per ordinary share, reflecting a commitment to returning value to its shareholders.
Despite rising sales costs, which increased from N87.85 billion to N212.25 billion, Transcorp benefitted from a gross profit increase of 79%, rising from N109.14 billion to N195.67 billion in the same timeframe. Other income sources also contributed positively, with a notable N11 billion gain from shares and an 84% rise in other gains to N5.32 billion, up from N2.89 billion.
Total equity saw a significant increase from N187.30 billion to N271.69 billion, and assets increased by 42%, climbing from N529.92 billion to N751.56 billion in 2024. Shareholders experienced enhanced earnings per share at 145 kobo, a substantial rise from 40 kobo in the previous year.
Owen Omogiafo, President and Group CEO of Transnational Corporation Plc, emphasized the corporation’s commitment to sustainable value creation. Omogiafo noted, “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 further explained that strategic investments, operational effectiveness, and a focus on shareholder satisfaction were fundamental to the company’s growth, highlighting that Transcorp remains poised for expansion, especially in the power and energy sectors.
Transcorp Nigeria demonstrated strong financial performance with a significant increase in profit, revenue, and shareholder value in 2024. The company’s strategic focus on sustainable growth, operational efficiency, and value creation positions it favorably for continued expansion in future years. Despite challenges in the macroeconomic environment, Transcorp remains committed to enhancing its market presence, particularly within the power and energy sectors.
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