Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, reported its Half-Year (H1) 2024 unaudited results, showing impressive year-on-year growth, for the period ended June 30, 2024.
The Group’s H1 2024 revenue grew from N82.1 billion in 2023 to N175.4 billion in 2024, a 114% increase, and profit before tax grew by 283% to N70.9 billion, demonstrating, once again, the Group’s ability to perform strongly, despite the economic headwinds.
The Group has declared an interim dividend of 10k per share, matching the amount declared for full-year 2023. This interim dividend declaration is an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Other highlight of results show that the total assets of the group grew by 18%, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
The shareholders’ funds also increased by 25% from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings.
However, the groups operating expenses increased by 50% period to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations.
It net finance cost: Increased by 8% to N7.1 billion in H1 2024. from N6.6 billion in H1 2023, owing to increase in interest rates.
Tony O. Elumelu, CFR, 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 every 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 continue delivering on that vision, rewarding our shareholders and transforming Nigeria.”
Commenting on the outstanding H1 2024 performance, Owen Omogiafo, OON, 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.”
