Transnational Corporation Plc (Transcorp Group) has announced impressive financial results for the third quarter ending September 30, 2024, demonstrating significant year-on-year growth.
The Group’s unaudited results reveal a strong performance across key financial metrics, underscoring the effectiveness of its growth-driven strategy.
For Q3 2024, Transcorp Group reported a revenue of N298 billion, marking a substantial 133% increase from N128 billion in the same quarter of 2023. Profit before tax (PBT) saw an exceptional rise of 303%, reaching N105.5 billion, compared to N26.2 billion in Q3 2023. This growth further solidifies the Group’s standing in Nigeria’s competitive business landscape.
Key Financial Highlights:
- Profit Before Tax: Surge of 303% to N105.5 billion in Q3 2024, up from N26.2 billion in Q3 2023.
- Total Assets: Increased by 29%, from N530 billion in December 2023 to N684 billion in Q3 2024.
- Shareholders’ Funds: Grew by 34%, rising from N187 billion in December 2023 to N251 billion in Q3 2024, driven by profits retained.
- Operating Expenses: Rose by 38% to N32 billion in Q3 2024, compared to N23 billion in the previous year, reflecting inflation’s impact on operational costs.
- Net Finance Cost: Increased by 12% to N12 billion in Q3 2024, up from N10 billion in Q3 2023, largely due to rising interest rates.
Owen Omogiafo, President and Group Chief Executive Officer of Transcorp Group, attributed the company’s exceptional performance to its commitment to innovation and operational excellence while effectively navigating a complex market environment.
“We are proud of our consistent year-on-year growth. This remarkable financial performance reflects our vision and spirit of execution,” Omogiafo stated.
She emphasized that as the year concludes, the focus will be on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to shareholders.
The Group is particularly committed to investing in the energy and hospitality sectors to benefit both shareholders and the nation.
CREDIT: Allneeds, THE NATION
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