ABC Transport Plc, one of Nigeria’s leading transportation service providers, has reported a post-tax profit of ₦669.1 million for the 2024 financial year, a turnaround from the ₦540.3 million deficit recorded in 2023.
According to its 2024 financial statement, the company had profitability across all key performance indicators, reversing the previous year’s losses.
Revenue surged by 71% to ₦12.5 billion, up from ₦7.3 billion in 2023. Gross profit jumped 73% to ₦2.8 billion, compared to ₦1.6 billion the previous year. Profit before tax increased by 349% to ₦918.4 million, a huge contrast to the ₦368.6 million loss recorded in 2023.
Total assets grew by 71% to ₦12 billion from ₦7 billion, while total liabilities increased to ₦10.7 billion from ₦6.4 billion. Operating profit also saw a commendable jump, rising from ₦40.2 million to ₦1.3 billion.
A key driver of ABC Transport Plc’s growth was a 65% surge in the company’s loads and waybill segment, which contributed 33% of total revenue—the highest among all business divisions. ABC Transport’s other revenue streams include road passenger transportation, haulage, vehicle importation and sales, and hospitality services.
This strong recovery is expected to create value for stakeholders. The company’s long-term strategy will be indispensable in maintaining this growth and driving sustainability.
