By Mike Abbah
Transnational Corporation Plc (Transcorp) experienced a strong 2024 financial performance, with revenue surging by 107 percent to N407.9 billion from 196.9 billion in 2023.
In the same vein, profit before tax increasing by 132.41 percent to N136.6 billion from N58.8 billion.
Profit After Tax saw an even more remarkable jump of 188 percent, reaching N94.1 billion in 2024, up from N32.6 billion the previous year.
Transcorp’s total assets grew by 42 percent, reaching N751.6 billion by the end of 2024, compared to N529.9 billion in 2023.
Shareholders’ funds also saw a significant increase of 45 percent, rising from N187.3 billion in December 2023 to N271.7 billion by December 2024.
In both the power and hospitality sectors, Transcorp focused on optimizing assets, improving operational efficiency, and managing
This led to a 124 percent growth in the power business and a 69% increase in the hospitality division. Additionally, the hospitality business achieved an impressive average occupancy rate of 83 percent in 2024.
Addressing shareholders at the 19th Annual General Meeting in Ahuja on Wednesday, the Chairman, Tony Elumelu, said the Group’s strong performance reflects its dedication to executing its strategy, driving sustainable economic growth, and maximising shareholder value.
He went on to emphasize the conglomerate’s significant market presence, with the combined market capitalization of Transcorp companies exceeding $3 billion, or over N4.5 trillion.
This figure excludes the value of non-listed Transcorp assets, such as the Abuja Electricity Distribution Company (AEDC), which is expected to be listed in the future, and Transcorp Energy, which owns the OPLO 2SL project.
As a result of its strong performance, Transcorp declared a dividend of N1.00 per share which was approved at the shareholders’ meeting.
The full dividend includes the interim dividend of 40 kobo (equivalent to 10 kobo per share pre-capital reconstruction) paid on August 7, 2024, and a final dividend of 60 kobo per share.
This brings the total dividend to N10,161,997,573.25 (Ten Billion, One Hundred and Sixty-One Million, Nine Hundred and Ninety-Seven Thousand, Five Hundred and Seventy-Three Naira, Twenty-Five Kobo).
Elumelu’s message to stakeholders and the investing public was clear: “Come and join the Transcorp group to benefit from the value that our shareholders already enjoy.”
Reflecting on the company’s 2024 performance in her speech, Owen Omogiafo Transcorp Plc President and Group CEO, emphasised the strength of Transcorp’s diversified portfolio and its ability to execute on a value-driven strategy, which has allowed the conglomerate to continue outperforming in challenging markets
“These results affirm the strength of our diversified portfolio and the effectiveness of our value-driven strategy,” Omogiafo stated.
The company’s consistent performance in 2024 was marked by several accolades, which underscored Transcorp’s commitment to excellence, innovation, and service across both national and global platforms.
According to her, these recognitions were not just celebrations of the company’s accomplishments but affirmations of its core values—integrity, innovation, and inclusive impact.
“These accolades serve as a validation of the values that define us,” she remarked, highlighting the company’s position as a trailblazer across key sectors such as energy, hospitality, and infrastructure.
“We continue to deliver world-class standards while remaining deeply rooted in our purpose of transforming Africa,” she added.
Looking ahead, Omogiafo revealed Transcorp’s strategy for continued expansion and growth, with a clear vision for 2025 and beyond. “We are guided by a vision to transform Africa by building globally competitive businesses in strategic sectors,” she said.
This vision, she added, would be fueled by the company’s focus on operational excellence, innovation, and the use of digital capabilities to unlock new opportunities and drive superior value.
With disciplined capital allocation, proactive risk management, and a focus on sustainability and impact at the heart of its strategy, Omogiafo expressed confidence that Transcorp’s differentiated model, exceptional talent, and resilient culture would continue to propel the company toward long-term success.
Speaking to journalists on the sidelines of the AGM, Elumelu called for urgent action to address the long-standing debt in the electricity sector, an industry vital to the success of President Tinubu’s economic growth strategy.
“We are great supporters of President Tinubu’s Renewed Hope agenda,” Elumelu said, acknowledging the administration’s ambitious goal of building a $1 trillion economy.
“But we know that to grow this economy, electricity must be fixed. That is not the case today.”
Elumelu’s remarks come amidst growing frustration within the energy sector, where inadequate power supply and mounting debts have stifled growth and investment. Despite the president’s directive last year to remove all impediments to the sector’s growth, Elumelu pointed out that bureaucratic resistance remains a significant obstacle.
“The President directed last year that all impediments to the power sector should be removed,” he continued. “But I am afraid to say that critical people who should have helped see the president’s vision come alive are afraid to do so.”
Elumelu’s comments underscore a concerning disconnect between the intentions of the highest levels of government and the execution on the ground, where the power sector continues to struggle with inefficiencies and unpaid debts.
The businessman used the platform to appeal directly to those responsible for driving reforms, urging them to translate presidential directives into actionable steps that will benefit millions of Nigerians in dire need of consistent electricity supply.
“Nigerians need improvement in access to electricity,” he stressed. “The power sector is owed a lot of money. Transcorp group alone is owed over $400 million, which is over N600 billion. We want this paid so that we can help actualize the President’s vision for improving electricity supply to Nigeria.”
