Transnational Corporation Plc, Nigeria’s leading listed conglomerate has announced its financial results for the year ended December 31, 2024, with a revenue of N408bn as at December 31, 2024, representing a 107% from N197bn in the previous year.

Operating Income for the period grew by 83%, to N149bn in 2024, up from N81.4bn in the corresponding period in 2023, just as Operating Expenses saw an increase of 105% year on year, to N62.8bn in 2024, reflecting the impact of inflation and strategic investments in operational capacity.

Net Finance Cost declined by 45% to N12.4bn, following the complete repayment of foreign currency loans, just as the group’s Gearing Ratio reduced to 21% from 32% showing positive financial leverage.

Profit Before Tax grew by 132% to N136.7bn, compared to N58.8bn in the previous year, Profit after Tax improved 188% year-on-year to N94.1bn in 2024, from N32.6bn in the same period last year, following which Earnings per share jumped to N1.45 compared to N0.40 in 2023.

Total assets expanded by 42%, increasing from N529.9bn in December 2023 to N751.6bn at the end of 2024; just as Shareholders’ Funds grew by 45%, from N187.3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings.

The directors declared N10.1bn full year dividend, representing N1.00 per ordinary share in 2024.

Commenting on the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, said the “2024 financial performance reflects the sustainable value creation strategy of Transcorp Group. We have been able to consistently record impressive growth across all indices year on year, despite the challenging macroeconomic environment. In the sectors we operate, we have delivered consistent growth by leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders.

“Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities, and strengthen our position across Nigeria’s power, hospitality, and energy sectors, even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa,” she added.

Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.