Transnational Corporation Plc grew profit after tax (PAT) by 188% from N32.6 billion in 2023 to N94.1 billion in the financial year ended December 31, 2024.
Transcorp’s revenue rose by 107% from N197 billion in 2023 to N408 billion in 2024, while profit before tax (PBT) surged 132% to N136.7 billion from N58.8 billion recorded in 2023.
Operating income expanded by 83% from N81.4 billion in 2023 to N149 billion in 2024.
Operating expenses saw a corresponding rise of 105% year-on-year to N62.8 billion. This increase was primarily attributed to inflationary pressures and deliberate strategic investments designed to expand operational capacity.
However, the net finance cost was reduced by 45% to N12.4 billion, mainly driven by the complete repayment of foreign currency loans.
In terms of financial stability, the Group’s gearing ratio improved to 21% from the previous 32% while total assets grew by 42%, rising to N751.6 billion at year-end 2024 from N529.9 billion recorded in 2023.
Shareholders’ funds also improved by 45% to N271.7 billion, driven largely by profit accretion to retained earnings.
Reflecting these strong financial results, the Group declared a full-year dividend of N10.1 billion or N1.00 per ordinary share.
Commenting on these achievements, Dr. Owen D. Omogiafo, OON, President and Group Chief Executive Officer of Transcorp, said “Our 2024 financial performance underscores the effectiveness of our sustainable value creation strategies,” Omogiafo said. “Despite operating within a challenging macroeconomic landscape, our strategic investments and relentless focus on operational excellence have continued to yield impressive outcomes. We remain firmly committed to expanding our growth trajectory, enhancing shareholder value, and reinforcing our leadership across the sectors we operate—power, hospitality, and energy.”
Looking forward, Dr. Omogiafo further revealed that Transcorp would continue to seize emerging opportunities, explore potential new sectors, and sustain its role in positively impacting lives and driving transformative change across Africa.
