Transunion Nigeria reported a 189% rise in profit after tax to N94.08 billion and a 107% increase in revenue to N407.91 billion for 2024. The firm declared a dividend of N10.1 billion. Key drivers include growth in all business divisions, alongside substantial investments in energy and operational effectiveness.
Transnational Corporation Nigeria (Transcorp) has reported a remarkable 189 percent increase in its profit after tax for 2024, rising from N32.48 billion in 2023 to N94.08 billion. The company, listed on the Nigerian Exchange (NGX), also saw its revenue more than double, increasing by 107 percent to N407.91 billion, a significant rise from N196.99 billion the previous year. This impressive performance was driven by substantial growth across all business divisions.
Transcorp, established with deep roots in Nigeria’s energy sector through Transcorp Energy Limited, also owns Transcorp Hotels Plc, encompassing Nigeria’s premier hospitality venue, Transcorp Hilton Abuja. Due to its robust performance, the conglomerate announced a dividend payout of N10.1 billion, equating to N1.00 per ordinary share.
Despite the positive financials, the company faced rising sales costs, which climbed to N212.25 billion from N87.85 billion. However, gross profit experienced a significant increase of 79 percent from N109.14 billion in 2023 to N195.67 billion in 2024. Additional income streams contributed positively, with a notable N11 billion gain from share sales and a substantial rise of 84 percent in other gains, totaling N5.32 billion from N2.89 billion.
Transcorp’s total equity rose impressively from N187.30 billion to N271.69 billion, alongside a 42 percent increase in total assets, which grew from N529.92 billion to N751.56 billion. As a result, earnings per share rose to 145 kobo for the year, a significant increase from 40 kobo in 2023, effectively rewarding shareholders with enhanced value.
Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation Plc, reaffirmed the company’s commitment to sustainable long-term value creation. She stated, “Our financial performance in 2024 reflects the Transcorp Group’s sustainable value creation strategy, enabling remarkable growth on all indices year after year despite the difficult macroeconomic environment.” Omogiafo further emphasized that the company’s strategic investments and operational effectiveness, coupled with a focus on shareholder value, are key to its ongoing growth, particularly targeting expansion in the power and energy sectors.
In summary, Transnational Corporation Nigeria achieved a significant financial milestone in 2024 with a profit increase of 189 percent and revenue growth of 107 percent, driven by robust performance across its business sectors. The company’s total equity and assets also surged, resulting in enhanced shareholder value. With a commitment to sustainable growth and strategic investments in energy, Transcorp is well-positioned for continued success.
Original Source: www.fxleaders.com
