Transcorp
TRANSCORP group grew its profit after tax to N94.1 billion, up from the N32.6 billion it achieved in the 2023 financial year.
The Chairman of the group, Tony Elumelu, who disclosed this yesterday in Abuja at the company’s yearly report and financial statements for 2024, said the company’s gross earnings increased to N408 billion, representing a 107 per cent increment over the N197 billion it achieved in 2023.
Shakeholders’ fund also moved up from N187.3 billion in the 2023 financial year to N271.7 billion in 2024. Transcorp group’s total assets also grew by 42 per cent to N751.6 billion, up from N529.9 billion it recorded in 2023.
The company highlighted that in pursuit of its commitment to delivering significant, long-term value to its esteemed shareholders, the Board of Directors recommended a full dividend of N1.00 per share, comprising the interim dividend of 40 kobo (equivalent of 10 kobo per share pre-capital reconstruction) paid on August 07, 2024, and a final dividend of 60 kobo per share for approval at the 19th yearly general meeting, being a total dividend of N10,161,997,573.25.
Transcorp group comprises Transcorp Hotels, Transcorp Power PLC., Transafam Power Limited and Transcorp Energy Limited.
Elumelu, who sits on top of many successful businesses, declared that the uncertainties pervading the global space are opportunities for continued growth and not obstacles, saying, “Looking ahead, the experience of 2024 lays the groundwork for further progress in the future. While the global economy will continue to face risks, it also presents ample opportunities, and our Group is well placed. As we transition into 2025, we remain confident that with strategic foresight and collective determination, we can navigate the challenges of the global economy and emerge more robust and well-positioned for long-term success.”
He insisted that notwithstanding the milestones that have been achieved in the electricity sector, challenges such as gas supply limitations, grid instability, and power offtake capacity limitation continue to persist.
While lamenting the huge debt, Elumelu reiterated the company’s commitment to revolutionising the power sector in Nigeria, guided by his ‘Africapitalism’ ethos.
He disclosed that the company was able to recover an additional 125MW generating capacity at its power plant in Ughelli.
He added: “Working with the Bureau for Public Enterprises (BPE) and GE, we completed six out of the eight Fast Power turbines in Afam, Rivers state, bringing an additional 180MW of available capacity to Nigerians, subject to gas availability. We continue to innovate and adapt to the challenges faced in gas supply and have expanded our gas supply sources, amongst other strategies, to be able to optimise our output and deliver much-needed power to Nigeria.”
While underscoring the pivotal power is to the revitalisation of the economy, Elumelu stressed the need for the government to fix the critical challenges confronting the sector.
He insisted that a stronger stance on resolving identified challenges with conviction and speed must be adopted, noting that the company is ready to play its part in achieving long-lasting results.
On her part, President and Group Chief Executive Officer (GCEO) of Transcorp group, Dr Owen Omogiafo, hinted that plans have been concluded by the group to diversify into agriculture, saying, “As part of our asset optimisation strategy, we are exploring strategic diversification into agriculture, targeting high-impact opportunities on our landed asset in Ughelli.”
She noted that the group’s vision is to transform the land into a fully integrated agro-industrial hub, leveraging synergies with its power infrastructure to support food security, create jobs and community value, drive sustainability through backward integration and generate long-term returns for stakeholders.
Dr Owen stated that as the company looks to 2025 and beyond, it remains guided by a clear vision, which is primarily to transform Africa by building globally competitive businesses in key strategic sectors.
She added that the company’s integrated strategy will be underpinned by disciplined capital allocation, proactive risk management, and a strong focus on sustainability and impact, adding: “We are confident that our differentiated model, exceptional talent, and resilient culture position us for continued success.”
