By Transnational Corporation (Transcorp) posted strong financial results for 2024, with revenue soaring 107% to N408 billion from N197 billion in the previous year.
The company’s audited financials showed a 132% rise in profit before tax (PBT) to N136.7 billion, while profit after tax (PAT) jumped 188% to N94.1 billion, up from N32.6 billion in 2023.
Operating income increased by 83% to N149 billion, while operating expenses climbed 105% to N62.8 billion, reflecting inflationary pressures and strategic capacity investments.
Transcorp declared a full-year dividend of N10.1 billion, translating to N1.00 per ordinary share. The company highlighted its strong growth trajectory and reinforced market leadership.
Net finance costs dropped by 45% to N12.4 billion due to the full repayment of foreign currency loans, reducing the company’s gearing ratio from 32% to 21%.
Total assets grew 42% to N751.6 billion, while shareholders’ funds increased 45% to N271.7 billion, driven by profit retention and financial leverage improvements.
