Transnational Corporation Plc (Transcorp) has announced its financial results for the year ending December 31, 2024, posting a pre-tax profit of N136.6 billion, marking a 132.41% increase from the N58.8 billion recorded in 2023. This impressive growth was driven by a significant rise in revenue.
Transcorp’s total revenue soared to N407.9 billion, a 107.07% increase from N196.9 billion in 2023. The power sector accounted for 82.8% of this revenue, contributing N337.7 billion, while hospitality made up 17.2% with N70.1 billion.
Despite strong revenue growth, the company’s cost of sales increased by 141.62% to N212.2 billion, driven primarily by natural gas and fuel costs, which accounted for N170 billion. However, gross profit still saw a 79.27% rise to N195.6 billion.
Administrative expenses doubled to N53.9 billion, reflecting increased employee costs, management fees, and operational expenses. Nevertheless, operating profit surged by 83% to N149 billion.
Finance income rose 27.38% to N1.8 billion, while finance costs declined 25.88% to N18.5 billion, helping to boost overall profitability. Post-tax profit climbed to N94 billion, a 188.30% increase from the previous year’s N32.6 billion.
Total assets grew 41.82% to N751.5 billion, up from N529.9 billion, while retained earnings rose 62.96% to N112.3 billion.
Transcorp has proposed a final dividend of 60 kobo per share, bringing the total dividend for 2024 to N1.00 per share, subject to shareholder approval.
Commenting on the results, Transcorp’s President and Group CEO, Mrs. Owen D. Omogiafo, stated: “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have consistently recorded impressive growth across all indices year on year, despite the challenging macroeconomic environment.”
