By Francis Ajuonuma
The Transnational Corporations Plc (Transcorp Group) delivered impressive financial results in 2024, maintaining a strong upward trajectory amidst a challenging economic landscape, further solidifying its market leadership and strategic positioning.
Transcorp Group, at its 19th Annual General Meeting (AGM) yesterday in Abuja, announced that the Group’s total assets grew by 42 per cent to N751.6bn by the end of 2024, an increase from N529.9bn in 2023.
Also, the Group achieved significant year-on-year growth, with Gross Earnings reaching N408bn as of December 31, 2024, reflecting a 107 per cent increase from N197bn in 2023.
Profit Before Tax (PBT) for the Group grew by 132 per cent to N136.7bn, compared to N58.8bn in 2023, while Profit After Tax (PAT) for the Group surged 188 per cent to N94.1bn in 2024, up from N32.6bn in 2023.
The group’s shareholders’ funds increased by 45 per cent, from N187.3 billion in December 2023 to N271.7 billion by December 2024.
The Group said it prioritized asset optimization, operational efficiency, and cost management in its power and hospitality businesses, leading to revenue growth of 124 per cent in the power business and 69 per cent in the hospitality business.
Chairman of the Board of Directors of Transcorp Group Tony Elumelu, who spoke to journalists on the sidelines of the event, decried the inability of President Bola Tinubu’s aides to help actualize the President’s vision for the power sector, which is central to the country’s development.
He called for the payment of ₦600 billion owed to Transcorp Power by the Federal Government to enable the company to assist the President in actualizing his vision for the country’s electricity sector.
Elumelu said, “We believe that access to electricity is critical for the development of our country; we believe that to fix Nigeria, we must fix power. We, President Tinubu’s Renewed Hope Agenda supporters, know that electricity must be fixed to grow a $1 trillion economy. That is not the case today.
“We know that the President directed last year that all impediments to the power sector should be removed. I am afraid to say that the critical people who should help to see the President’s vision come alive have failed to do so. May I use this opportunity to call on them to help translate the President’s initiatives and ideas into a reality?
Nigerians need access and improvement to electricity.
“In the power sector, we are owed a lot of money. In Transcorp Power alone, we are owed $400 million, about ₦600 billion, and a lot of money. We want this paid to help actualize the President’s vision for Nigeria”.
According to the company, revenue grew by 107 per cent to N408 billion, led by a 124 per cent increase in Transcorp Power’s revenue and a 69 per cent rise in Hospitality earnings.
Return on Equity (ROE) increased from 24.90 per cent to 52.94 per cent, and Net Profit Margin improved to 23.07 per cent, reflecting higher efficiency and profitability.
Furthermore, Elumelu said, “My message for shareholders and the investing public at large is to join the Transcorp Group and benefit and enjoy what the existing shareholders already have.
“When we took over this company in 2011, the market capitalization was about ₦20bn; today, the Group market cap is over ₦4.5trn. The company was founded in 2004, and when we took over in 2011, it had not paid dividends one day, but since we took over, we have consistently paid dividends to shareholders.
“We are doing what we are excited to do: transforming companies and businesses and creating value for our shareholders.
“The shareholders of Transcorp are like the Board and Management; they are excited and happy to help transform the Nigerian economy. They want us to explore the possibility of going to other critical sectors of the economy that will help us to complement what President Bola Tinubu is doing to make life better for the people. They talked about Agriculture. Besides, we are also interested in renewable energy and other areas.”
President/GCEO Dr Owen Omogiafo said these results affirm the strength of the Group’s diversified portfolio and the effectiveness of the value-driven strategy.
“We remain committed to expanding our footprint strategically and enhancing our brand value across key segments of the African hospitality industry,” President/GCEO said.
