Transnational Corporation Plc has released its financial results for the year ending December 31, 2024, highlighting a substantial increase in revenue from electricity sales and capacity charges, amounting to N338 billion.
An analysis by The Whistler revealed that energy revenue surged by 116.67% compared to the N156 billion recorded in 2023. This revenue stream accounted for approximately 82.84% of the total earnings of the group, which reached N408 billion during the reporting period.
The company maintained a strong growth trajectory across its key financial indicators, reinforcing its position as a market leader. According to its audited financial report, Transcorp achieved a year-on-year revenue increase of 107%, rising from N197 billion in 2023 to N408 billion in 2024.
Pre-tax profits experienced a significant boost, growing by 132% to reach N136.7 billion, compared to N58.8 billion in the prior year. Meanwhile, after-tax profits saw an even more remarkable growth of 188%, jumping from N32.6 billion in 2023 to N94.1 billion in 2024.
The company’s operating income expanded by 83%, increasing from N81.4 billion in 2023 to N149 billion in 2024. However, operating expenses also rose sharply by 105% year-on-year, reaching N62.8 billion. This increase was attributed to inflation and strategic investments aimed at enhancing operational capacity.
A notable financial improvement was the 45% reduction in net finance costs, which dropped to N12.4 billion due to the full repayment of foreign currency loans.
Earnings per share (EPS) rose significantly from N0.40 in 2023 to N1.45 in 2024, reflecting the company’s improved profitability. Additionally, Transcorp’s total assets expanded by 42%, increasing from N529.9 billion at the end of 2023 to N751.6 billion in December 2024.
As part of its commitment to shareholders, the group announced a full-year dividend of N10.1 billion, equating to N1.00 per ordinary share.
Commenting on the financial performance, Transcorp’s President and Group CEO, Dr. Owen Omogiafo, attributed the strong results to the company’s sustainable value-creation strategy.
“Our 2024 financial performance reflects the long-term value creation strategy of Transcorp Group. Despite a challenging macroeconomic environment, we have consistently achieved remarkable growth across all financial metrics,” Omogiafo stated.
She emphasized that operational efficiency, strategic investments, and a strong focus on shareholder value have been key drivers of the company’s success. Looking ahead, Transcorp aims to sustain its growth momentum by capitalizing on emerging opportunities in Nigeria’s power, hospitality, and energy sectors, while also exploring new avenues for expansion to further its mission of improving lives and driving economic transformation across Africa.