Victor EzejaTranscorp Group, a leading conglomerate in Nigeria, recorded an increase of 107 per cent in revenue from N197 billion in 2023 to N408 billion as at 31 December 2024.
The conglomerate also recorded a 132 per cent rise in Profit before tax (PBT) from N58.8 billion in 2023 to N136.7 billion in 2024.
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This was announced in the company’s audited financial results for the year ended 31 December 2024.
The Profit after Tax (PAT) also grew by 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period in the previous year.
The report indicated that the company’s operating Income rose by 83 per cent, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023.
The operating expenses increase by 105 per cent year on year, to N62.8 billion in 2024. This, the company attributed to the impact of inflation and strategic investments in operational capacity.
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It said the Net Finance Cost decreased by 45 per cent to N12.4 billion, due to the complete repayment of foreign currency loans.
The group’s earnings per share increased to N1.45 in 2024 compared to N0.40 in 2023.
Other highlights of the Transcorp Group’s financial performance in the FY 2024 include:
- The group declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.
- Total assets expanded by 42 per cent, increasing from N9 billion in December 2023 to N751.6 billion at the end of 2024.
- Shareholders’ Funds grew by 45%, from N3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings.
- The Group’s Gearing Ratio reduced to 21% from 32% showing positive financial leverage.
READ ALSO: Transcorp Power Records N142bn Revenue In 2023
Commenting on the FUY 2024 results, Dr. (Mrs) Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, said: “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group.
According to her, the company has 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, she said they would focus on deepening their growth trajectory by seizing emerging opportunities, and strengthen the company’s position across Nigeria’s power, hospitality, and energy sectors, even as it considers more sectors that would help in improving lives and transforming across Africa.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
