Table of Contents
Key Point
- Transcorp’s H1 2024 revenue surged 114%, reaching $110 million, driven by strong performance across key operating units.
- Energy revenue jumped from $39.5 million to $88.9 million, significantly boosting Transcorp’s overall growth.
- Profit increased by 227.8% to $32.7 million, solidifying Transcorp’s status as a top profitable conglomerate.
Building on its financial performance in 2023, Transcorp Group, a leading diversified conglomerate led by Nigerian businessman Tony Elumelu, continued its upward trajectory in the first six months of 2024. The group’s revenue surged to $110 million, beating investors’ expectations.
For the period ended June 30, 2024, Transcorp’s H1 2024 revenue grew from N82.1 billion ($51 million) in 2023 to N175.4 billion ($110 million) in 2024, marking a 114-percent increase. This growth highlights the group’s ability to perform strongly despite economic headwinds.
Key operating units drive revenue surge
The surge in revenue was driven by strong performance across key operating categories. Revenue from its energy units increased from N63.67 billion ($39.5 million) in the first half of 2023 to N143.4 billion ($88.9 million) in 2024.
The hospitality unit delivered a total revenue of N22.25 billion ($13.8 million), while the food and beverage unit saw revenue rise to N6.39 billion ($3.96 million), up from N5.25 billion ($3.25 million).
The group’s profit increased significantly, rising by 227.8 percent from N16.1 billion ($10 million) to N52.79 billion ($32.7 million). This positions Transcorp among the country’s most profitable conglomerates.
Leadership commends operational excellence and strategic growth
“Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for,” said Tony Elumelu, chairman of Transcorp Group. “We are building to last across key sectors in Nigeria. Our generating capacity and output continue to increase, and our recent commitment to embed power in Abuja is bringing our vision of an integrated energy business closer to reality.”
Owen Omogiafo, president and group CEO of Transcorp Group, attributed the growth to the group’s commitment to operational excellence and strategic management. “Our outstanding H1 2024 performance demonstrates our resilience, relentless execution, and dedication to operational excellence, despite challenging macro-economic factors,” she said.
Transcorp’s dominance in power sector
Transcorp Group is one of Africa’s leading conglomerates, with investments in power, hospitality, and energy sectors. Elumelu, through HH Capital, holds a 29.5-percent stake, and his leadership has been instrumental in steering the group towards financial success.
Transcorp’s power businesses, Transcorp Power and Transafam Power, provide over 20 percent of Nigeria’s installed power capacity. The group’s hospitality unit, Transcorp Hotels, owns the iconic Transcorp Hilton Abuja and has launched the digital platform Aura by Transcorp Hotels.
The group declared an interim dividend of N0.1 ($0.000062) per share, matching the amount declared for the full year 2023, affirming its commitment to rewarding shareholders as its long-term investments yield impressive returns.
