Transnational Corporation Plc, Nigeria’s leading listed conglomerate, has announced its financial results for the year ended December 31, 2023.
The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.
In its 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 per cent increase.
The strong performance is a further demonstration of the group’s strategic focus and effective execution.
Other highlights of Transcorp group results are shown below. Operating expenses saw an increase of 22.6 per cent year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation; Net finance cost increased by 46 per cent to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid; profit before tax surged by 93.5 per cent, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year; profit after tax improved 91percent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.
Furthermore, the group’s earnings per share stood at N40 compared to N19 in 2022. Total assets grew by 20 per cent, to N529.9 billion in the full year 2023, up from N442.7 billion in December 2022.
In response to 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 centred on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”
Transcorp is dedicated to its transformation agenda, emphasising 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.
ALSO READ: Nigerian Breweries to raise N600bn via Rights Issuance
She also dismissed claims that her earlier apology amounted to an admission of guilt
A counter-terrorism expert, Zagazola Makama, said that four of the rescued victims sustained various degrees…
“I wasn’t surprised, not because I didn’t think the vice president was...
"With many Ekiti residents expressing fatigue over economic hardship and underdevelopment, the PDP appears well-positioned…
The Christian Association of Nigeria (CAN) has extended warm congratulations to the Roman Catholic Church…
Nigerian-founded immigration technology startup, Immigify has been named among eleven startups selected globally to participate…
This website uses cookies.