Tony Elumelu, the Board Chairman of Transnational Corporation Plc, expressed optimism on Friday following the release of the company’s unaudited Half-Year (H1) 2024 results.
The report highlighted a remarkable revenue growth from ₦82.1 billion in 2023 to ₦175.4 billion in 2024, representing a 114% increase, along with a significant profit before tax rise of 283% to ₦70.9 billion.
Transcorp, one of Nigeria’s top listed conglomerates, in a statement obtained by Vanguard, also declared an interim dividend of 10k per share, matching the amount declared for full-year 2023.
“This interim dividend declaration underscores Transcorp’s dedication to progressively rewarding its shareholders as our long-term investments continue to yield impressive returns,” stated the company.
The Group reported an 18% growth in total assets, from ₦529.9 billion in December 2023 to ₦625.1 billion in H1 2024. Shareholders’ funds increased by 25%, from ₦187.3 billion in December 2023 to ₦234.4 billion by the end of H1 2024, driven by profits accumulating to retained earnings.
Operating expenses rose by 50% during this period, reaching ₦21.2 billion in H1 2024. This increase reflects the impact of inflation and operational costs. Meanwhile, net finance costs grew by 8% to ₦7.1 billion in H1 2024, up from ₦6.6 billion in H1 2023, due to rising interest rates.
Tony Elumelu, Chairman of Transcorp Group, commented, “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.”
Owen Omogiafo, President and Group Chief Executive Officer of Transcorp Group, praised the Group’s extraordinary growth, attributing it to a commitment to operational excellence, strategic portfolio management, and innovation.
She stated, ” Our outstanding H1 2024 performance is a demonstration of our resilience, relentless execution, and dedication to operational excellence, despite challenging macroeconomic factors. Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long term value to our stakeholders.”
