Table of Contents
Key Points
- Nigerian conglomerate Transcorp posts 59% revenue growth in H1 2025, reaching $183 million across power, hospitality, and energy sectors.
- Net profit grew 23% to $42.6 million, tempered by increased administrative expenses and $3.17 million in impairment losses.
- Driven by strong performance in power and hospitality, Transcorp’s assets rose from $490.6 million to $592.4 million in six months.
Transnational Corporation (Transcorp Group), the Nigerian conglomerate chaired by businessman Tony Elumelu, posted a solid financial performance in the first half of 2025, with revenue climbing to $183 million despite ongoing economic challenges. The group continued to push ahead with strategic investments across its core sectors—power, hospitality, and energy.
Revenue jumps 59 percent, costs weigh on profit
According to its unaudited financial results for the period ended June 30, 2025, revenue rose by 59 percent, from N175.4 billion ($114.6 million) in the same period last year to N279.7 billion ($182.3 million). The growth reflects the strength of the company’s diversified portfolio and its ability to navigate Nigeria’s evolving business environment.
However, profit after tax grew at a slower pace, up 23 percent from N52.78 billion ($34.5 million) to N65.17 billion ($42.6 million). The increase was tempered by higher administrative and finance costs, along with a spike in impairment losses on financial assets, which reached N4.86 billion ($3.17 million) during the period.
Power, hospitality units drive Transcorp growth
In a statement accompanying the results, Elumelu said the company’s performance reflects its commitment to building businesses that make a difference. “In power, Transcorp Power and Transafam Power increasingly innovate to improve lives, transforming Nigeria. In hospitality, we continue to delight our clients and redefine our sector, not least with the opening in Abuja of the Transcorp Centre, Nigeria’s superlative events centre. Our growth demonstrates the resilience and strength of our diversified business model,” he said.
Transcorp’s President and Group CEO, Owen Omogiafo, added that the second-quarter results highlight the group’s ability to stay steady in a changing landscape. “The Q2 2025 financial performance reflects our firm commitment to operational excellence and the resilience inherent in our corporate strategy, which has further enhanced our capacity to effectively navigate challenges,” she said.
Omogiafo added: “With our new 5,000-seat capacity event centre, we are positioning Nigeria as the epicentre of high-scale conferences and events, including hosting the recently concluded AFREXIM Annual Meetings 2025. We continuously explore innovative ways to further accelerate our growth trajectory while strengthening our leadership in Nigeria’s power, hospitality, and energy sectors.”
Transcorp assets rise to $592 million
Transcorp Group is one of Africa’s most prominent listed conglomerates, with core investments in power, hospitality, and energy. Under Elumelu’s leadership, the company has cemented its place as a major force in the region’s corporate landscape. Elumelu holds a 29.5 percent stake in the group through his investment vehicle, HH Capital.
Its energy arm, Transcorp Power Plc and Transafam Power, currently provide over 20 percent of Nigeria’s installed electricity capacity. Meanwhile, its hospitality unit, Transcorp Hotels Plc, owns the flagship Transcorp Hilton Abuja and recently expanded its reach with the launch of Aura by Transcorp Hotels, a digital platform for booking homes, hotels, and experiences. The company is also pursuing opportunities in the domestic energy value chain through its investment in oil prospecting license OPL281.
Driven by its broad-based performance, Transcorp’s total assets rose from N751.56 billion ($490.6 million) as of December 31, 2024, to N907.31 billion ($592.4 million) by June 30, 2025. Retained earnings increased from N112.31 billion ($73.3 million) to N140.9 billion ($92 million). As part of its commitment to shareholder returns, the board declared an interim dividend of N4.064 billion ($2.65 million), or N0.40 ($0.00026) per share.
