Photo | courtesy.
TransCentury PLC, the infrastructure investment company listed on the Nairobi Securities Exchange, has announced its audited financial results reporting a Sh580 million profit after tax for the year ended December 31, 2024.
The results comes after the company posted a Sh3.2 billion loss in the previous year, signaling a successful revitalization of its operations.
This outstanding performance is attributed to sustained revenue growth momentum, margin expansion, cost containment, balance sheet clean-up and prudent foreign currency exposure management.
Shaka Kariuki ,TransCentury PLC Group Chairman, noted that the FY2024 mark a defining chapter in TransCentury’s turnaround journey.
“As the Board, we are proud of the decisive actions taken to return the Group to profitability and restore stakeholder confidence. Our stakeholders have been supportive and patient in our turn around journey and we assure them that we are actively working to resolve outstanding debt issues with our main lender amicably positioning the business for sustainable growth,” Kariuki said.
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TransCentury’s revenue growth continues to be driven by strong brand positioning, steady demand across the group’s core business segments, capital allocation prioritization to demand fulfillment as well as market deepening initiatives.
According to TransCentury Group CEO, Ng’ang’a Njiinu, this performance underscores the successful execution of the group’s turnaround strategy.
“Our teams have delivered this remarkable turnaround in an incredibly challenging environment and significant headwinds in the past few years. The return to profitability is not just a financial milestone but also testament to the resilience of our people and business, the robustness of our strategy, and our unwavering commitment to sustainable value creation,” Njiinu said.
“Our next steps are focused on capitalizing on the significant growth opportunities we have created to scale up, capital structure optimization and continued balance sheet improvement.”
The group’s gross profit increased by 27 percent as a result of gross margins improvement driven by focus on high margin products, improved procurement and efficient project management.
Furthermore, the successful implementation of the company’s initiatives around disciplined execution, currency management and credit management were instrumental in achieving net profitability.
TransCentury’s strong income statement performance in 2024 significantly complimented its initiatives in the ongoing balance sheet improvement efforts. The firm expects the conclusion of these efforts to materially improve our balance sheet in the next reporting periods, the group said.
