Transcorp Posts ₦94.1bn Profit in 2024 as Power, Hospitality Drive Growth

Transnational Corporation Plc (Transcorp), Nigeria’s leading conglomerate with interests in power, hospitality, and energy, delivered a stellar financial performance in 2024, more than doubling its revenue amid strategic investments and operational efficiencies.

The company reported a 107% surge in revenue to ₦407.9 billion ($510 million) from ₦196.9 billion in 2023, driven by strong gains in its power business and a robust recovery in hospitality. Profit before tax more than doubled to ₦136.7 billion ($170 million) from ₦58.8 billion, while post-tax profit surged 188% to ₦94.1 billion ($118 million).

Power Business Powers Ahead

Transcorp’s power subsidiaries, Transcorp Power Plc and TransAfam Power Limited, played a critical role in this growth, capitalizing on rising electricity demand and an improved regulatory environment. The company completed a full acquisition of Afam Power Plc and Afam Three Fast Power Ltd in early 2025, further solidifying its position in Nigeria’s power sector.

Gas supply agreements and increased operational capacity contributed to improved power generation, enhancing both revenue and profit margins. The power business remains a cornerstone of Transcorp’s portfolio, accounting for a significant share of total earnings.

Hospitality: A Record Year

Transcorp Hotels Plc, owner of the iconic Transcorp Hilton Abuja, reported a 69% increase in revenue to ₦70.1 billion, with profit after tax rising 144% to ₦14.9 billion. A post-pandemic resurgence in tourism and business travel fueled occupancy rates, while the completion of a 5,000-capacity event center strengthened its market position.

Strategic Restructuring and Shareholder Returns

In October 2024, Transcorp executed a 1-for-4 share consolidation, reducing its total issued shares while preserving shareholder value. The company also declared a total dividend of ₦10.16 billion ($13 million), reflecting its commitment to rewarding investors amid record earnings.

Leadership and Outlook

Transcorp’s Board of Directors emphasized the company’s strategic focus on sustainable growth and value creation for shareholders. The financial report highlights increased operational efficiency, strong asset growth, and long-term investment in Nigeria’s energy and infrastructure sectors as key drivers of future performance.

With continued expansion in power and hospitality, and a focus on energy security, Transcorp is well-positioned for further growth. However, macroeconomic headwinds—including currency volatility and regulatory risks—could test its resilience in 2025.

As Transcorp deepens its footprint in Nigeria’s critical sectors, investors will watch whether the conglomerate can sustain its aggressive growth trajectory and strong shareholder returns.

 

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