Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, announces its financial results for the year ended December 31, 2023 with a 47.3 percent growth in revenue position.
In its released audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase.
The strong performance demonstrates the Group’s strategic focus and effective execution.
The highlights of Transcorp Group Results show that for the 2023 financial year, profit before Tax surged by 93.5 percent, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period the previous year. The profit after Tax improved 91 percent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.
However, the operating expenses of the Group saw an increase of 22.6 percent year on year, totaling N26.9 billion in 2023, reflecting the impact of inflation. Also, the net finance Cost increased by 46 percent to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.
The earnings per share of the Group were N40 compared to N19 in 2022 while the total assets grew by 20 percent, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.
The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.
Speaking on the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “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 centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”
She said Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term 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.
Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 15% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.
