Transcorp’s half-year profit surges nearly four-fold

Transnational Corporation Plc reported a profit before tax of N70.9 billion for the first half of this year, up 283% compared to the same period of 2023.

The conglomerate, which is the parent of Transcorp Hotels, saw its revenue grow from N82.1 billion in 2023 to N175.4 billion in 2024.

It declared an interim dividend of 10 kobo per share, the same as that for full-year 2023.

“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 every closer,” Tony Elumelu, group chairman of Transcorp, said. “In hospitality, the Transcorp Hilton provides Nigerian excellence to our domestic and international guests, and our occupancy rates reflect our investment in infrastructure and service.”