Transcorp Declares Pre-tax Profit Of N105.485bn

Transnational Corporation (Trancorp) Plc has posted a profit before tax of N105.485 billion in its financial statements for the period ended September 30, 2024.
The company’s third quarter (Q3) report released on the Nigerian Exchange showed that profit before tax grew by 303.18 per cent year-on-year (YoY) to N105.485 billion as against N26.163 billion declared in September 2023. Also, the company said, it has successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders value.
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares. Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Speaking on the share reconstruction, president/GCEO of Transcorp, Owen Omogiafo said, “This share reconstruction is in line with the corporate strategy and growth plan and is aimed at maximising shareholders’ value.”
He added that the reconstruction will bring the capital structure to a manageable position, saying that, “Transcorp remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.”
The company’s nine months results revealed that, revenue increased by 132.5per cent to N297.664 billion in Q3, 2024 from N128.027 billion in Q3 2023. Cost of sales grew to N164.813 billion higher than N63.767 billion in 2023, while gross profits went up by 106.74 per cent from N64.26 billion in Q3, 2023 to N132.851 billion in 2024.
Also, the company’s operating profit stood at N113.743 billion from N42.743 billion. Profit after tax rose to N75.909 billion compared to N22.738 billion in Q3, 2023, while earnings per share amounted to N110.40 from N36.41 in 2023.
Transcorp reported a 29 per cent increase in total assets, rising from N530 billion in December 2023 to N684 billion in Q3 2024, while shareholders’ funds grew by 34 per cent, from N187 billion to N251 billion, driven by profit accreting to retained earnings.
Speaking on the results, Omogiafo highlighted the company’s focus on innovation, operational excellence, and long-term investments, saying that “we are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution.
“As we approach the year-end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation,” Omogiafo pointed out.