Transnational Corporation Plc posted a Profit After Tax (PAT) of N32.6 billion in its 2023 financial year, which was 91 per cent higher than the N17.1 billion achieved in the corresponding period in 2022.
The group also raised its revenue to N197 billion, up from N134 billion recorded in 2022, representing an increase of 47.3 per cent.
Its operating expenses also increased by 22.6 per cent to N26.9 billion. In comparison, net finance cost increased by 46 per cent to N22.6 billion, arising from interest on foreign currency loans, which has been repaid.
The group profit before tax surged by 93.5 per cent amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.
Earning per share of the group was N40 compared to N19 in 2022.
In addition, the firm’s total assets also grew by 20 per cent, to N529.9 billion, up from N442.7 billion in December 2022.
President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, said the 2023 financial performance underscored the group’s strong operational performance and strategic initiatives adopted to keep the company ahead of trends in the industry.
“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 to achieve sustainable growth, enhance operational and technical efficiency, and maximize shareholder value.
“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.
“Transcorp’s power businesses, Transcorp Power Plc and Transafam Power provide over 15 percent of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281.”
