Nigeria’s leading conglomerate listed on the floor of the Nigerian Exchange (NGX), Transnational Corporation Plc (Transcorp Group) has recorded an impressive year-on-year growth, for the half year ended June 30, 2024.
The group’s revenue for the period under review grew from N82.1 billion in the comparable period of 2023 to N175.4 billion, representing an increase of 114 per cent, and profit before tax grew by 283 per cent to N70.9 billion, demonstrating, once again, the group’s ability to perform strongly, despite economic headwinds.
The group has declared an interim dividend of 10k per share, matching the amount declared for full-year 2023. This interimdividend declaration is an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Other highlights show that total assets grew by 18 per cent from N529.9 billion in December 2023 to N625.1 billion in H1 2024, shareholders’ funds rose from N187.3 billion in December 2023 to N234.4 billion at the end of June 2024 due to profit accreting to retained earnings, recording an increase of 25 per cent.
Operating Expenses increased by 50 per cent in the period to N21.2 billion in the corresponding period of 2024, reflecting the impact of inflation and cost of operations. While net finance cost rose by 8 per cent to N7.1 billion in H1 2024 from N6.6 billion in H1 2023, owing to increase in interest rates.
Commenting on the performance, Tony Elumelu, Group Chairman, Transcorp Group, stated: “Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for.
“We are building to last, across key sectors in Nigeria. In power, our generating capacity and output continue to increase, the turnaround at AEDC is beginning to bear fruit and we are innovating, with our recent commitment to embed power in Abuja, bringing our vision of an integrated energy business ever closer. In hospitality, the Transcorp Hilton provides Nigerian excellence to our domestic and international guests, and our occupancy rates reflect our investment in infrastructure and service. We look forward to continuing delivering on that vision, rewarding our shareholders and transforming Nigeria.”
In her comment on the outstanding H1 2024 performance, Owen Omogiafo, President/Group Chief Executive Officer of Transcorp Group, attributed the group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.
She said, “Our outstanding H1 2024 performance is a demonstration of our resilience, relentless execution, and dedication to operational excellence, despite challenging macro-economic factors. Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long term value to our stakeholders.”
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