Transcorp's Revenue Surpasses 180 Million In The First Nine Months Of 2024

Transnational Corporation Transcorp Group, a leading diversified conglomerate led by Nigerian businessman Tony Elumelu, has posted a remarkable financial performance for the nine months ending September 30, 2024, surpassing market expectations. The group's revenue soared to over 180 million, underscoring its status as one of Nigeria's leading conglomerates.

In its recently released unaudited financial statements , Transcorp Group reported a staggering 133 percent increase in revenue, climbing from N128.03 billion 77.94 million in the same period of 2023 to N297.7 billion 181.2 million in 2024. This impressive growth trajectory has solidified the groups position in the competitive Nigerian market.

A significant portion of this revenue surge can be attributed to the group's power generation units, which have demonstrated exceptional performance. Revenue from energy sales escalated from N63.1 billion 38.4 million to N171.43 billion 104.4 million.

Additionally, capacity charges from these power units surged from N35.1 billion 21.4 million to N77.74 billion 46.9 million, highlighting the critical role of energy production in Transcorps financial health.

The hospitality sector also played a vital role in driving revenue growth, with figures rising from N19.46 billion 11.84 million to N31.87 billion 19.4 million. Moreover, the food and beverage division reported revenues of N14.93 billion 9.1 million, a notable increase from N8.6 billion 5.2 million in the corresponding period last year.