Transcorp Group Reports 114% Revenue Growth, Declares 10K Interim Dividend
CHIGOZIE AMADI
Transnational Corporation Plc (Transcorp Group), for the period ended June 30, 2024, reported a substantial 114 per cent increase in revenue, growing from N82.1 billion in 2023 to N175.4 billion in 2024.
Also, profit before tax surged by 283 per cent to N70.9 billion, underscoring the Group’s robust performance despite economic challenges.
In line with its commitment to rewarding shareholders, Transcorp Group declared an interim dividend of 10 kobo per share, maintaining the amount declared for the full year 2023.
This interim dividend, the company said in a statement, highlights the group’s dedication to delivering progressive returns to its investors as its long-term investments continue to yield impressive results.
“The group’s total assets grew by 18 per cent, from N529.9 billion in December 2023 to N625.1 billion in H1 2024. Shareholders’ funds increased by 25 per cent, rising from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024, driven by profit accreting to retained earnings.
“Operating expenses increased by 50 per cent to N21.2 billion in H1 2024, reflecting the impact of inflation and operational costs. Net finance costs rose by 8 per cent to N7.1 billion in H1 2024 from N6.6 billion in H1 2023, due to higher interest rates.”
Group Chairman of Transcorp Group, Tony Elumelu, 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 even 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 to deliver on that vision, rewarding our shareholders, and transforming Nigeria.”
