Transcorp Raked N338bn From Electricity Distribution In 2024
Transnational Corporation Plc, has announced its financial results for the year ended December 31, 2024, recording N338bn from electric energy and capacity revenue.
Checks by THE WHISTLER revealed that the energy revenue grew by 116.67 per cent from N156bn reported in 2023.
The amount accounts for 82. 84 per cent of the total revenue realized by the group which is N408bn during the period under review.
The Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.
In its audited results, Transcorp reported significant year-on-year growth, with revenue of N408bn as of December 31, 2024, representing a 107 per cent increase over the revenue of N197bn in the previous year.
Profit before Tax grew by 132 per cent to N136.7bn, compared to N58.8bn in the previous year. Profit after Tax improved 188 per cent year-on-year to N94.1bn in 2024, from N32.6bn in the same period last year
Operating Income grew by 83 per cent, to N149.0bn in 2024, up from N81.4bn in the corresponding period in 2023. Operating expenses saw an increase of 105 per cent year on year, to N62.8bn in 2024, reflecting the impact of inflation and strategic investments in operational capacity.
Net Finance Cost decreased by 45 per cent to N12.4bn, owing to the complete repayment of foreign currency loans.
Earnings per share of the Group was N1.45 compared to N0.40 in 2023. Total assets expanded by 42 per cent, increasing from N529.9bn in December 2023 to N751.6bn at the end of 2024.
The group declared an N10.1bn full-year dividend, representing N1.00 per ordinary share in 2024.
Speaking on the results, the President/Group Chief Executive Officer of Transcorp, Dr. Owen Omogiafo said, “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group.
“We have been able to consistently record impressive growth across all indices year on year, despite the challenging macroeconomic environment. In the sectors we operate, we have delivered consistent growth by leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders.
“Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities and strengthen our position across Nigeria’s power, hospitality and energy sectors even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa.”
Transcorp Raked N338bn From Electricity Distribution In 2024 is first published on The Whistler Newspaper
