Transcorp Nigeria Reports Substantial Profit Surge Driven by Growth Strategy
Transnational Corporation Nigeria reported a 189% increase in profit after tax, reaching N94.08 billion for 2024, driven by a 107% rise in revenue to N407.91 billion. The company declared a dividend of N10.1 billion and emphasized long-term value creation amid challenging economic conditions. Total equity and assets showed significant growth, reflecting strong performance across all business divisions.
Transnational Corporation Nigeria has announced an impressive 189 percent rise in profit after tax, escalating from N32.48 billion in 2023 to N94.08 billion for the fiscal year ending December 31, 2024. Their revenue also saw a remarkable increase, more than doubling by 107% to N407.91 billion in 2024, up from N196.99 billion in the previous year, driven by significant expansion across all business divisions.
With strong roots in Nigeria’s energy sector through Transcorp Energy Limited, the corporation is also renowned for its hospitality services, particularly with the prestigious Transcorp Hilton Abuja managed by Transcorp Hotels Plc. The company declared a dividend of N10.1 billion, translating to N1.00 per ordinary share for its shareholders.
Despite an increase in sales costs from N87.85 billion to N212.25 billion, the gross profit rose by 79%, reaching N195.67 billion compared to N109.14 billion in 2023. Increased earnings from other sources significantly bolstered the bottom line, including a notable gain of N11 billion from share sales and a rise in other income sources by 84%, totaling N5.32 billion.
Transcorp witnessed a surge in total equity from N187.30 billion to N271.69 billion, alongside a 42% increase in assets from N529.92 billion to N751.56 billion in 2024. Shareholders enjoyed an enhanced earnings per share of 145 kobo, significantly up from 40 kobo in the previous year.
Owen Omogiafo, the President and Group Chief Executive Officer, emphasized the company’s commitment to creating long-term value. She stated, “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.”
Omogiafo attributed the company’s success to strategic investments, operational efficiency, and a steadfast focus on shareholder value. Furthermore, she expressed that Transcorp is strategically positioned for ongoing growth, particularly in the power and energy sectors, while seeking innovative strategies to maintain its current growth trajectory.
Transnational Corporation Nigeria has demonstrated substantial financial growth, with a notable increase in profit after tax and revenue for 2024. The company’s commitment to long-term value creation, highlighted by strategic investments and operational efficiency, has contributed to its impressive performance in challenging economic conditions. As Transcorp prepares for continued expansion, particularly within the power and energy sectors, its focus remains on sustaining growth and enhancing shareholder value.
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