Transnational Corporation Plc, on Monday, announced a 57 percent growth in revenue for the 2023 financial year ended December 31, 2023.
The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders.
At the 18th Annual General Meeting (AGM) held in Abuja, Transcorp Group confirmed excellent year-on-year growth, which showed revenue grew from N90.3 billion in 2022 to N142.1 billion in 2023.
Shareholders were informed the Group’s total assets also grew by 20 percent from N422.7 billion in 2022 to N529.9 billion in 2023; profit before tax (PBT) rose from N30.3 billion in 2022 to N58.8 billion in 2023, and profit after tax (PAT) from N16.8billion to N32.5billion.
The Group said the performance was due to the strong results across its subsidiaries, namely Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.
The Group said its power subsidiaries, together with its strategic investment in OPL 281, form the basis of its integrated energy strategy to achieve significant growth, with a 63 percent increase in profit, from N17.7 billion in the previous year to N28.9 billion in 2023.
Also, Transcorp’s power businesses, Transcorp Power Plc and TransAfam Power, provide over 20 percent of Nigeria’s installed power capacity, with the Group recently entering the distribution sector through its investment in Abuja Electricity Distribution Plc.
The Group’s hospitality business achieved record average occupancy of 81 percent, with profit increasing by 105 percent from N4.6 billion in the previous year to N9.5 billion in 2023, while revenue grew by 36 percent from N30.4 billion in 2022 to N41.5 billion.
President/Group CEO, Dr. Owen D. Omogiafo, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity.
“The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders,” Omogiafo said.
Group Chairman, Tony Elumelu, said Transcorp Group has not only recorded unprecedented growth, but demonstrated its potential to deliver much more value to stakeholders and to the country.
“The sustained success of all our businesses reflects our resolute stance on corporate governance. Our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macroeconomic challenges, the future remains an exciting one.
“Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented,” he said.
Elumelu called on the Federal Government to prioritise the crippling issues in the power sector, adding that the challenges in the power sector should be uppermost in the nation’s transformation agenda.
The private sector, he said, cannot thrive without improved access to electricity, adding that fundamentally, reforming the power sector was essential to the national economic transformation.
Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year.
The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.
Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance as well as its consistency in paying dividends year-on-year. The Group’s commitment to community and social responsibility, inclusive of its sustainability and corporate social responsibility (CSR) projects also received commendation at the AGM.
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.
