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Transnational Corporation Plc, the Nigerian conglomerate chaired by businessman Tony Elumelu, reported a profit of more than $60 million for the first nine months of 2025, reflecting broad-based growth and disciplined management across its power, hospitality, and energy businesses.
In its unaudited results for the period ended Sept. 30, Transcorp said profit after tax rose 20.5 percent to N91.4 billion ($62.6 million), compared with N75.9 billion ($52 million) a year earlier. The company credited the increase to tighter cost control, stronger operational performance, and improved pricing across its portfolio.
Revenue climbed sharply to N413.4 billion ($283.6 million) from N297.7 billion ($204.2 million) in the same period of 2024. The growth was supported by higher electricity output from its power subsidiaries and a rebound in the hospitality business, which benefited from the launch of the 5,000-capacity Transcorp Centre in Abuja, a new venue for major events and conferences.
Transcorp sees steady results, expands investments
Elumelu said the results underscored the ability to navigate economic challenges while tapping into Nigeria’s recovery. “Transcorp’s robust revenue and earnings delivery, demonstrates the opportunity in the Nigerian economy,” he said. “We are executing our impact-driven mandate, through strategic investments that solidify our leadership in Nigeria's vital sectors. Our diversified model continues to demonstrate resilience, generating significant value.”
Chief Executive Officer Owen Omogiafo added that the group’s steady results reflect its disciplined execution and focus on long-term growth. “Driven by our core purpose to “Improve Lives and Transform Africa”, we continue to optimize our businesses to deliver superior stakeholder value,” she said. “As Nigeria's leading conglomerate, with a disciplined approach to excellent corporate strategy, we are positioned to finish the year with strength and strategic momentum.”
Elumelu’s Transcorp expands assets, power reach
Under Elumelu, Transcorp has become one of Africa’s most visible publicly listed conglomerates. Through his investment vehicle HH Capital, Elumelu controls a 29.5 percent stake in the company, with smaller holdings through Heirs Holdings Limited and direct ownership.
Transcorp’s power units, Transcorp Power Plc and Transafam Power, provide more than 20 percent of Nigeria’s installed electricity capacity. Its hospitality arm, Transcorp Hotels Plc, owns the Transcorp Hilton Abuja and recently expanded its digital booking platform, Aura by Transcorp Hotels. The company’s total assets increased to N940.8 billion ($645 million) as of September, up from N751.6 billion ($515.3 million) at the end of 2024, while retained earnings rose to N149.7 billion ($102.3 million).
