Transnational Corporation Plc (Transcorp) has published its financial results for the year ending December 31, 2024, reporting a pre-tax profit of N136.6 billion.
This marks an impressive 132.41% increase from the N58.8 billion reported the previous year, buoyed by a substantial rise in revenue.
The group recorded total revenue of N407.9 billion, a 107.07% increase from N196.9 billion in 2023, with ‘power’ contributing a significant 82.8% of the total.
Total assets for the group surged to N751.5 billion, reflecting a 41.82% increase from the previous year’s N529.9 billion. Additionally, retained earnings grew by 62.96%, reaching N112.3 billion, up from N68.9 billion.
Transcorp also proposed a Final Dividend of 60 kobo per ordinary share, pending shareholder approval and applicable withholding tax, to be paid to shareholders registered by March 27, 2025.
Combined with the Interim Dividend of 40 kobo paid on August 7, 2024, the Total Dividend for the 2024 financial year will amount to N1.00 per ordinary share.
Commenting on the results, the President and Group Chief Executive Officer of Transcorp, 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.”
Transcorp reported a substantial increase in revenue, rising by 107.07% to N407.9 billion from N196.9 billion in the previous year.
However, the group’s cost of sales also increased significantly, up 141.62% to N212.2 billion compared to N87.8 billion last year.
Despite the higher costs, the group reported a gross profit of N195.6 billion, which is a 79.27% increase from N109.1 billion announced in the prior year.
The company achieved other gains totaling N5.3 billion, reflecting an 84.21% increase from the previous year, primarily due to changes in the fair value of investment properties and dividend income on equity securities, which contributed N2.3 billion and N2 billion, respectively.
On a more favorable note, operating profit grew by 83%, rising from N81.4 billion the previous year to N149 billion.
In summary, the company’s pre-tax profit stood at N136.6 billion, which is a 132.41% increase from N58.8 billion reported the previous year. Post-tax profit experienced significant growth as well, climbing by 188.30% to N94 billion, compared to N32.6 billion in the previous year.
The company’s total assets increased by 41.82% to N751.5 billion, compared to N529.9 billion reported the previous year.