Transcorp increases annual revenue by 47.3%, PBT by 93.5%

Transnational Corporation Plc, Nigeria’s leading listed conglomerate, has achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.

Transcorp announced this in its financial results for the year ended December 31, 2023.

The Group in its audited results 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 is further demonstration of the Group’s strategic focus and effective execution.

The statement by the Group highlights Transcorp group results, showing that the Full Years 2023 Revenue was N197 billion, a significant increase of 47.3%, compared to 2022.

Also, its Operating Expenses saw an increase of 22.6% year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation.

“Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.

“Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.

“Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.

“Earnings per share of the Group were N40 compared to N19 in 2022.

“Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022,” the statement added.

President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen Omogiafo, said, “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, 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.