Transcorp reports 132% surge in pre-tax profit for 2024

• Published On: 09 March 2025 at 21:49

Transnational Corporation Plc (Transcorp) has announced its financial results for the fiscal year ending December 31, 2024, with a pre-tax profit of N136.6 billion, a 132.41% increase over the N58.8 billion earned in 2023. This impressive growth was fuelled by a substantial increase in revenue.

Transcorp's total revenue soared to N407.9 billion, up 107.07% from N196.9 billion in 2023. The power sector generated 82.8% of this revenue, contributing N337.7 billion, while hospitality contributed 17.2%, 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 totalled N170 billion. However, gross profit increased 79.27% to N195.6 billion.

Administrative expenses doubled to N53.9 billion, owing to higher employee costs, management fees, and operational expenses. Nonetheless, operating profit increased by 83 percent to N149 billion.

Finance income increased 27.38% to N1.8 billion, while finance costs fell 25.88% to N18.5 billion, boosting overall profitability. Post-tax profit increased to N94 billion, up 188.30% from the previous year's N32.6 billion.

Total assets rose 41.82% to N751.5 billion, up from N529.9 billion, while retained earnings increased 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, pending shareholder approval.

Mrs. Owen D. Omogiafo, President and Group CEO of Transcorp, commented on the results, saying, "Our 2024 financial performance reflects the Transcorp Group's sustainable value creation strategy." Despite the challenging macroeconomic environment, we have consistently achieved impressive annual growth across all indices."