Transnational Corporation Plc (Transcorp Group), a prominent Nigerian conglomerate with investments in the Power, Hospitality, and Energy sectors, has released its financial results for the first half of 2023 on the Nigerian Exchange (NGX) portal. The report showcases an impressive and sustained growth across all major indices during the period.
According to the financial report, Transcorp Group recorded a remarkable revenue of N82.1 billion in H1 2023, representing a significant 31% increase compared to N62.9 billion in H1 2022. The operating income also surged by 46%, reaching N29.9 billion in June 2023, compared to N20.5 billion in June 2022.
The total revenue for H1 2023 amounted to N82.1 billion, a substantial growth of 31% from the N62.9 billion achieved in the same period in 2022. However, it is important to note that operating expenses for the period ending June 30 rose to N15.9 billion, indicating a notable 40% increase compared to N11.3 billion in the corresponding previous year.
The financial report filed with the NGX further revealed that Transcorp Group experienced an impressive 39% growth in profit before tax, recording N18.5 billion in H1 2023, up from N13.4 billion in H1 2022. On the other hand, interest costs declined by 9% during June 2023, amounting to N6.6 billion, as opposed to N6.1 billion in the same period under review.
Transcorp Group continues to exhibit a strong balance sheet, with Total Assets reaching N495.3 billion at the end of June 2023. This represents a notable 12% increase from the N442.7 billion recorded at the end of June 2022. The growth in Total Assets was primarily driven by an increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%), which helped offset the decline in Inventories (+68%).
Furthermore, the financial report highlights the substantial growth of Transcorp shareholders’ funds, reaching N176.3 billion at the end of June 2023, compared to N154.8 billion in the same period in 2022. This significant increase further demonstrates the company’s unwavering commitment to delivering long-term value to its shareholders.
Commenting on the impressive financial performance, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, acknowledged the challenges faced in the operating environment, such as foreign exchange volatility, gas supply constraints, and rising inflation. Despite these obstacles, she praised the entire Transcorp team for their resilience and dedication to driving innovation and seizing opportunities for sustainable growth.
Transnational Corporation Plc (Transcorp Group) boasts a diversified portfolio with strategic investments in the Power, Hospitality, and Energy sectors. Notable businesses under the Group’s umbrella include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
With this strong financial performance and a commitment to delivering value, Transcorp Group continues to solidify its position as a trailblazer in the Nigerian business realm, offering profitability and opportunities to its shareholders amidst the dynamic economic landscape.
