Transcorp records N197bn revenue, N58.8bn profit

Transnational Corporation Plc (Transcorp Group) has announced a revenue increase of N197 billion in 2023.

Transcorp Group, while announcing its financial results for 2023, noted that the company’s revenue increased to N197 billion from N134 billion recorded in 2022, representing a 47.3 per cent increase.

The company, in its financial results made available to The Star on Wednesday, April 3, 2024, stated that its operating expenses increased by 22.6 per cent year-on-year, totalling N26.9 billion in 2023, reflecting the impact of inflation.

It noted that the Net Finance Cost increased by 46 per cent to N22.6 billion, arising from interest on foreign currency loans, which it said has now been repaid.

Transcorp Group said the profit before tax surged by 93.5 per cent, amounting to N58.8 billion in 2023, compared to N30.4 billion in 2022.

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Transcorp added that its profit after tax improved 91 per cent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in 2022.

According to the company, earnings per share of the Group were N40 compared to N19 in 2022.

It noted that its total assets grew by 20 per cent, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.

Speaking on the results, the President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, said: “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives.

“Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively.

“Our primary objectives remain centred on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders.”

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed Conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

The Star