Transcorp Plc records 21% increase in revenue, GCEO promises more value

Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, recording growth in its profit before tax, which rose by 8 per cent to N30.3bn compared to N27.9bn in December 2021.

By the result, the conglomerate with investments in the hospitality, power, and Oil & Gas sectors demonstrated significant improvements in its major income lines.

The conglomerate saw a 7 per cent increase in its power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

The hospitality sector showed a very strong performance, achieving a record revenue of N31.4bn and profit before tax of N4.5bn.

The Group’s total revenue and operating profit also experienced significant growth, rising by 21 per cent from N111.2bn in December 2021 to N134.7bn in the period under review, and from N38.5bn in December 2021 to N46.7bn in December 2022, respectively. Operating expenses for the year ended December 2022 stood at N23.4bn, representing an increase of 24 per cent compared to N18.8bn recorded in the same period of 2021.

The results showed that total assets increased by 6 per cent from N416bn in December 2021 to N442.7bn in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

Shareholders’ Funds rose to N154.8bn, representing a 6 per cent year-on-year increase from N146.3bn recorded in the same period of 2021.

Commenting on the results, the President/Group Chief Executive Officer, Dr (Mrs.) Owen Omogiafo, attributed the success of the results to the robustness of the company’s business model, which “remains prudent and nimble across our operations.”

She said, “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”