…Revenue increases By 107%
…Declares N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.
MON MARCH 10 2025-theGBJournal| Transcorp Group over the weekend announced FY-2024 consolidated revenues of N408 billion, a 107% increase from N197 billion of 2023.
Consolidated profit before Tax grew by 132% to N136.7 billion, compared to N58.8 billion in the previous year while profit after tax improved 188% year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year.
Consistent with its results track record, the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.
Meanwhile, operating income rose by 83%, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023. Operating Expenses saw an increase of 105% year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.
Net Finance Cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans.
The Group’s gearing ration fell to 21% from 32%, showing positive financial leverage, as earnings per share rose significantly from N0.40 in 2023 to N1.45 in 2024.
Total assets also expanded by 42%, increasing from N529.9billion in December 2023 to N751.6 billion at the end of 2024, just as shareholders 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 Group declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.
”Our 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,” says Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp.
”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, Omogiafo said the Group will deepen its growth trajectory by seizing emerging opportunities, and strengthen its 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.”
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
