Transnational Corporation (Transcorp) Plc has reported a significant increase in operating expenses, rising by 50% to N21.2 billion in the first half (H1) of 2024. This surge reflects the impact of inflation and increased operational costs.
Despite this, Transcorp has demonstrated its commitment to rewarding shareholders, paying an interim dividend of N4.06 billion, matching the amount paid for the full year 2023. Its subsidiaries, Transcorp Power and Transcorp Hotels, also paid interim dividends of N11.25 billion and N1.02 billion, respectively.
This marks a milestone for Transcorp Group and its listed subsidiaries, as they paid interim dividends to shareholders for the first time in their history. The company attributes this achievement to its diversified portfolio and commitment to delivering sustainable value to shareholders.
Transcorp Group reported a remarkable revenue growth of 114% to N175.4 billion in H1 2024, compared to N82.1 billion in the same period last year. Its profit before tax (PBT) also soared by 283% to N70.9 billion, up from N18.5 billion in H1 2023.
The company’s total assets grew by 18% to N625.1 billion, while shareholders’ funds increased by 25% to N234.4 billion, driven by profit retention.
Chairman Tony Elumelu emphasized the group’s focus on delivering operational excellence and creating transformative impact. President and Group CEO Owen Omogiafo attributed the growth to dedication to operational excellence, strategic portfolio management, and innovation, reaffirming the company’s commitment to delivering long-term value to stakeholders.
