Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, yesterday announced its financial results for the year ended December 31, 2023, showing 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% increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.
Other highlights of the results include showing 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 while 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.
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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 just as earnings per share of the Group were N40 compared to N19 in 2022.
In addition, total assets grew by 20%, to N529.9 billion in the full year 2023, up from N442.7 billion in December 2022.
President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen D. 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 centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing 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.
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.
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