In its recently released financial statements for the third quarter ended 30th September 2024 to the Nigerian Exchange Group (NGX), Transnational Corporation Plc. (Transcorp Group), Nigeria’s leading listed conglomerate, showcased an impressive performance amidst a challenging economic landscape. The Group recorded a remarkable revenue of N298 billion, representing a staggering 133 per cent increase from N128 billion achieved in the same period of 2023.
The significant revenue growth was complemented by a dramatic rise in profit before tax, which surged by 303 per cent to N105.5 billion, compared to N26.2 billion in Q3 2023. This exceptional performance reinforces Transcorp’s solid positioning in Nigeria’s business environment and highlights the success of its growth-driven strategy.
In the statement, total assets for the Group grew by 29 per cent, increasing from N530 billion in December 2023 to N684 billion in Q3 2024. Shareholders’ funds also saw a 34 per cent increase, rising from N187 billion in December 2023 to N251 billion in Q3 2024, driven primarily by profits retained within the business.
Operating expenses increased by 38 per cent to N32 billion in Q3 2024, up from N23 billion in the previous year, reflecting the broader impact of inflation on operational costs. Additionally, net finance costs stood at N12 billion up from N10 billion in Q3 2023, a consequence of rising interest rates.
Owen Omogiafo, President/Group Chief Executive Officer of Transcorp Group, attributed the Group’s exceptional performance to its commitment to innovation and operational excellence.
She stated, “We are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution. As we approach year end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long- term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation.”
Transcorp is one of Africa’s foremost listed conglomerates, with strategic investments across the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa. The group’s power businesses, Transcorp Power Plc. and Transafam Power Limited, contribute over 20 per cent of Nigeria’s installed power capacity. As Transcorp Group continues to navigate a complex market environment, its impressive financial results underscore its commitment to growth and operational excellence.
