Transcorp Plc Revenue Up 47%, Profit Nearly Doubles
By Patience Ikpeme
Transnational Corporation Plc (Transcorp Plc), a leading Nigerian conglomerate, has reported impressive financial results for the 2023 fiscal year.
Revenue surged by 47.3% year-on-year, reaching N197 billion compared to N134 billion in 2022. This robust performance reflects the company’s strategic initiatives and its ability to navigate challenging economic conditions.
Despite inflationary pressures, Transcorp Plc managed to significantly grow its top line. Operating expenses increased by 22.6% to N26.9 billion in 2023, while net finance costs rose by 46% to N22.6 billion. However, the revenue increase significantly outpaced these cost increases, demonstrating the company’s operational efficiency. The rise in net finance costs is attributed to interest on foreign currency loans, which have now been repaid.
Transcorp Plc’s profitability mirrored its revenue growth. Profit before tax (PBT) surged by an impressive 93.5% to N58.8 billion in 2023, compared to N30.4 billion the previous year. Profit after tax also witnessed a significant rise of 91% year-on-year, reaching N32.6 billion in 2023 compared to N17.1 billion in 2022. Earnings per share (EPS) more than doubled, rising from N19 in 2022 to N40 in 2023.
The company’s strong financial health is further emphasized by a 20% year-on-year increase in total assets, which stood at N529.9 billion at the end of 2023 compared to N442.7 billion in December 2022.
Dr. (Mrs.) Owen Omogiafo, President and Group Chief Executive Officer of Transcorp Plc, expressed her satisfaction with the company’s performance. She highlighted the results as a testament to the effectiveness of the company’s strategic initiatives. “We achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively,” Dr. Omogiafo stated.
Transcorp Plc remains dedicated to its transformation agenda, prioritizing sustainable growth and maximizing value for shareholders. Dr. Omogiafo emphasized the company’s unwavering pursuit of long-term value creation, stating, “Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.”
Transcorp Plc is a leading diversified conglomerate with strategic investments in Nigeria’s power, hospitality, and energy sectors. Committed to improving lives and transforming Africa, the company plays a pivotal role in the country’s economic development. Their power businesses provide over 15% of Nigeria’s installed power capacity, and they are actively involved in developing the domestic energy value chain. In the hospitality sector, Transcorp owns the iconic Transcorp Hilton Abuja and has recently launched the digital platform Aura by Transcorp Hotels.
