NAIROBI, Kenya- Infrastructure investment firm TransCentury has reported a net profit of Sh580 million for the financial year ended December 31, 2024, marking its first profitable year since 2013.
The profit represents a reversal from a net loss of Sh3.2 billion recorded in 2023.
According to the company’s financial disclosures, the turnaround is attributed to revenue growth, improved gross margins, better cost control, and foreign exchange gains.
“The return to profitability marks more than just a financial achievement, it reflects the resilience of our team, the effectiveness of our strategy, and our strong commitment to creatingg sustainable value,” said its CEO, Nganga Njiinu.
Revenue rose by 2 percent during the period, supported by increased demand in key markets and capital allocation toward higher-margin products.
Gross profit rose by 27 percent to Sh2.3 billion, up from Sh1.9 billion in the previous year.
On the flip side, operating expenses declined slightly from Sh1.67 billion to Sh1.62 billion.
The company reported an operating profit of Sh715 million, compared to an operating loss of Sh371 million in 2023.
A notable factor in the turnaround was a foreign exchange gain of Sh1.23 billion, reversing a forex loss of Sh1.49 billion the year before.
The company began a restructuring strategy in 2022 aimed at focusing on its core investments and improving financial performance. The 2024 results indicate progress in that effort.
This is the first time TransCentury has posted a profit since recording a net gain of Sh857 million in 2013.
