Transnational Corporation Plc on Wednesday announced it realized about 47.3 percent in its earnings for the financial year 2023, with revenue rising by 93.5 percent for the year ended December 31, 2023.
The Group said it achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.
Details of the Group’s audited financial results showed Transcorp recorded significant year-on-year growth, with revenue rising to about N197 billion, from N134 billion in the previous year, representing a 47.3 percennt increase.
The Group said the strong performance was a further demonstration of its strategic focus and effective execution of its programmes and projects.
Highlights of other aspects of the Group results showed Operating Expenses rose by 22.6 percent year on year, totaling N26.9 billion in 2023, as a result of the impact of inflation.
Also, Net Finance Cost increased by 46 percent to N22.6 billion, arising from interest on foreign currency loans, which the Group said has been repaid, while Profit before Tax surged by 93.5 percent, to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.
Similarly, Profit after Tax improved by 91 percent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year, while earnings per share were N40 compared to N19 in 2022.
On the other hand, Total assets grew by 20 percent, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.
President/Group Chief Executive Officer of Transcorp, Owen D. Omogiafo, said the financial results for 2023 underscored the Group’s strong operational performance and the results of its 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 centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders,” she said.
Transcorp, she said, was dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.
Transnational Corporation Plc (Transcorp Group) is reputed to be 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.
Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 15 percent of Nigeria’s installed power capacity, while the Group’sTranscorp Hotels Plc, which owns the iconic Transcorp Hilton Abuja, is Nigeria’s flagship hospitality destination.
