Transcorp Group’s revenue grew by 114% to N175.4bn in H1 2024

Nigeria’s Transcorp Group’s revenue grew by 114 percent to N175.4 billion in the first half of 2024 from N82.1 billion in the corresponding period of 2023.

The firm disclosed this in a statement made available to DAILY POST on Friday, highlighting its H1 2024 unaudited results.

Accordingly, the the report showed that the company’s profit before tax grew by 283 percent to N70.9 billion.

The Group also declared an interim dividend of 10k per share, matching the amount declared full year 2023.

Meanwhile, the firm said Nigeria’s inflation which stood at 34.19 percent in June pushed its operating expenses to increase by 50 percent in the period to 21.2 billion in H1 2024.

Commenting on the result, Tony Elumelu, the Chairman of Transcorp Group, said,”Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for.

“We are building to last, across key sectors in Nigeria. In power, our generating capacity and output continue to increase, the turnaround at AEDC is beginning
to bear fruit and we are innovating, with our recent commitment to embed power in Abuja, bringing our vision of an integrated energy business ever
closer.

“In hospitality, the Transcorp Hilton provides Nigerian excellence to our domestic and international quests, and our occupancy rates reflect our investment in infrastructure and service. We look forward to continue delivering on that vision, rewarding our shareholders and transforming Nigeria.”

Similarly, Owen Omogiafo, the Chief Executive Officer of the Group, attributed the Group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.

“Our outstanding H1 2024 performance is a demonstration of our resilience, relentless execution, and dedication to operational excellence, despite challenging macro-economic factors,” she said.