Transcorp Nigeria Reports Significant Profit Growth in 2024

Transnational Corporation Nigeria reported a 189% increase in profit after tax, soaring from N32.48 billion in 2023 to N94.08 billion in 2024. Revenue doubled to N407.91 billion, with strategic investments driving growth across all divisions. The company’s total equity and assets also increased significantly, highlighting strong shareholder value creation with earnings per share climbing to 145 kobo. President/CEO Owen Omogiafo emphasized commitment to sustainable value creation amid macroeconomic challenges.

Transnational Corporation Nigeria achieved a remarkable 189 percent increase in profit after tax, rising from N32.48 billion in 2023 to N94.08 billion for the year ending December 31, 2024. This significant growth was accompanied by a 107 percent increase in revenue, from N196.99 billion in 2023 to N407.91 billion in 2024, driven by expansion across all business divisions.

With a historical presence in Nigeria’s energy sector via Transcorp Energy Limited and Transcorp Hotels Plc, which owns the famed Transcorp Hilton Abuja, the organization has established itself as a key player in the region. It also announced a dividend distribution totaling N10.1 billion, equating to N1.00 per ordinary share.

Despite a rise in sales costs from N87.85 billion to N212.25 billion, the company reported gross profits that increased by 79 percent to N195.67 billion from N109.14 billion in the preceding year. Additionally, income from other sources played a significant role; Transcorp recorded a gain of N11 billion from share sales, while other income increased by 84 percent to N5.32 billion from N2.89 billion.

The company’s total equity rose from N187.30 billion to N271.69 billion, while assets grew by 42 percent, from N529.92 billion to N751.56 billion in 2024. Consequently, shareholders witnessed enhanced value creation, with earnings per share rising to 145 kobo for the year, a considerable increase from 40 kobo in 2023.

Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation Plc, emphasized the company’s commitment to long-term value creation. 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 growth to strategic investments, operational effectiveness, and a dedication to shareholder value, further indicating Transcorp’s favorable position for expansion, particularly in the energy sector.

Transcorp Nigeria has demonstrated substantial financial growth, with a significant rise in both profit and revenue for the year ending December 31, 2024. The company’s strategic management, operational efficiency, and diversified income streams have positioned it well for continued success. As it seeks innovative strategies to further its expansion, particularly in energy, Transcorp remains focused on delivering long-term value to its stakeholders.

Original Source: www.fxleaders.com