How Transcorp Group notched 188% Profit After Tax in FY 2024

By Chioma Obinagwam

Nigeria’s leading Conglomerate, Transcorp Corporation PLC, has said that its Profit After Tax (PAT) grew by 188 percent in the Financial Year (FY) ended December 31, 2024.

The Conglomerate told Confiance News in a statement on Monday.

“Profit after Tax improved 188 percent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year,” it disclosed.

According to the audited result, Revenue increased by 107 percent in the period under review, rising to N408 billion from the N197 billion it recorded in 2023.

FY 2024 Revenue increased by 107 percent, rising to N408 billion from N197 billion in 2023.

Profit before Tax grew by 132 percent to N136.7 billion, compared to N58.8 billion in the previous year.

Operating Income grew by 83 percent, to N149 billion in 2024, up from N81.4 billion in the corresponding period in 2023.

Similarly, Operating Expenses saw an increase of 105 percent year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.

However, Net Finance Cost decreased by 45 percent to N12.4 billion, owing to the complete repayment of foreign currency loans.

The Group’s Gearing Ratio reduced to 21 percent from 32 percent showing positive financial leverage.

Earnings per share of the Group were N1.45 compared to N0.40 in 2023.

Total assets expanded by 42 percent, increasing from N529.9 billion in December 2023 to N751.6 billion at the end of 2024.

Shareholders’ Funds grew by 45 e, from N187.3 billion in December 2023 to N271.7 billion by year-end, supported by profit accretion to retained earnings.

Declared N10.1 billion full-year dividend, representing N1.00 per ordinary share in 2024.

Speaking on the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “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. 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.”

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