Transcorp Group records 133% revenue growth, 303% surge in PBT

Transnational Corporation Plc (Transcorp Group), one of Nigeria’s leading listed conglomerates, has reported its financial results for the third quarter ending September 30, 2024, showcasing impressive year-on-year growth.

The group’s Q3 2024 unaudited results demonstrate strength across key financial performance measures, highlighting the success of its growth-driven strategy.

In Q3 2024, Transcorp Group achieved revenue of N298 billion, a 133% increase from N128 billion recorded in the same period of 2023.

Profit before tax (PBT) increased by a remarkable 303%, to N105.5 billion, compared to N26.2 billion recorded in Q3 2023, further solidifying the group’s position in Nigeria’s business landscape.

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Revenue growth saw 133% increase, rising to N298 billion from N128 billion in Q3 2023, while profit before tax Surged by 303% to N105.5 billion in Q3 2024, from N26.2 billion in the same period last year.

The total assets grew by 29%, increasing from N530 billion in December 2023 to N684 billion in Q3 2024, while shareholders’ funds increased by 34%, from N187 billion in December 2023 to N251 billion in Q3 2024, driven by profit accreting to retained earnings.

The group’s net finance cost increased by 12% to N12 billion in Q3 2024, from N10 billion in Q3 2023, due to rising interest rates.

President/Group Chief Executive Officer, Transcorp Group, Owen Omogiafo, attributed the group’s exceptional performance to its focus on innovation, operational excellence, and ability to navigate a complex market environment.

She said: “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.”

Meanwhile, the group has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value.

The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.

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Whilst the number of shares reduced pro rata, the total value of shareholders; investments remain unchanged with no dilutive impact to shareholders.

Commenting on the share reconstruction, Omogiafo said, “This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximising shareholder value. The reconstruction will bring the company’s capital structure to a manageable position.”