Transnational Corporation Plc (Transcorp) announced financial results showing a 107% revenue increase to N408 billion for the year ended December 31, 2024, compared to N197 billion in 2023.
According to the audited results released on March 6, the Nigerian conglomerate recorded a profit before tax of N136.7 billion, up 132% from N58.8 billion in the previous year. Profit after tax rose 188% to N94.1 billion from N32.6 billion.
Operating income increased by 83% to N149.0 billion, while operating expenses grew 105% to N62.8 billion, which the company attributed to inflation and investments in operational capacity. Net finance cost decreased by 45% to N12.4 billion following repayment of foreign currency loans.