Transcorp Posts Record N408bn Revenue, N94bn Profit In 2024

Transnational Corporation Plc (Transcorp) has recorded its strongest financial performance yet, with revenue surging by 107 percent to N408 billion in 2024, up from N197 billion in the previous year. Profit before tax (PBT) soared by 132 percent to N136.7 billion, while profit after tax (PAT) jumped 188 percent to ₦94.1 billion, reinforcing Transcorp’s position as one of Nigeria’s leading conglomerates.

The company’s total assets expanded by 42 percent to N751.6 billion, while shareholders’ funds rose 45 percent to N271.7 billion. Earnings per share (EPS) climbed from N0.40 to N1.45, and a dividend payout of ₦10.1 billion further underscored strong value creation for investors.

Transcorp’s growth was fueled by stellar performances from its power and hospitality businesses. Transcorp Power Plc posted a 115 percent increase in revenue to N305.9 billion, while PAT surged 165 percent to N80 billion. The company’s gearing ratio improved from 64.48 percent to 29.70 percent signalling financial stability.

Similarly, Transcorp Hotels Plc recorded a record N70.13 billion in revenue, a 69 percent rise from the previous year. PAT leaped 144 percent to N14.90 billion, with notable improvements in return on assets and equity.

Transcorp is expanding its footprint in Nigeria’s energy sector through investments in OPL 28 and renewable energy initiatives. The company’s President/Group CEO, Dr. Owen Omogiafo, reaffirmed its commitment to operational efficiency, strategic investments, and long-term value creation.

“We have delivered consistent growth despite macroeconomic challenges. Our focus remains on strengthening our leadership in power, hospitality, and energy while exploring new opportunities that align with our vision of transforming Africa,” Dr. Omogiafo said.

With a robust financial position, reduced debt exposure, and strategic investments in power and energy diversification, Transcorp is poised for sustained growth, offering strong prospects for investors and Nigeria’s economy.