Transnational Corporation Plc (Transcorp Group) has posted an unaudited profit of N128 billion in Q3 2023, a 13 percent growth year-on-year from the N96.2 billion in Q3 2022.
The Group’s operating income also grew by 36 percent to close at N42.7 billion as of September 2023, compared to N31.5 billion in September 2022.
Transcorp Group is a conglomerate with investments in the Power, Hospitality, and Energy sectors has announced its financial results for the third quarter of the year that ended September 30, 2023, recording commendable growth across all its major indices.
The highlights of unaudited results filed with the Nigerian Exchange (NGX), Transcorp reported the Group’s total revenue for the period ended September 30, 2023, was N128 billion, compared to N96.2 billion in September 30, 2022, signifying a 33% increase.
Also, the operating income of Transcorp Group grew 36 percent from N31.5 billion in September 2022 to N42.7 billion in September 2023 whilst its total assets increased by 8 percent from N442.7 billion in December 2022 to N479.8 billion in Q3 2023.
Transcorp hospitality businesses sustained strong growth, recording 31.76 percent growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62 percent from N3.4bn to N5.5bn
The Power subsidiaries’ revenue grew by 33.4 percent from N73.6bn to N98.2bn despite the challenges of Gas and infrastructure in the sector, showcasing the group’s innovative and resilient business strategy.
Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. Owen D. Omogiafo expressed enthusiasm and confidence in the Group’s performance trajectory, stating:
“Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation” she said.
“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Dr. Omogiafo.
