Business and economy

Transcorp Continues to Deliver Strong Performance as H1 2023 Financials Show Sustained Growth

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in Power, Hospitality and Energy sectors has announced reported its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices.

 

Advertisement

The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

Advertisement

The Group’s total revenue for the half year ended June 30, 2023, was N82.1billion, compared to N62.9 billion inJune 30 2022, signifying a 31%increase. Operating Income grew by 46% from N20.5 billion in June 2022 toN29.9 billion in June 2023. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40% compared to N11.3 billion of the corresponding previous year.

Advertisement

In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported an 39% growth in profit before tax to N18.5 billion in H1 2023, fromN13.4 billion in H1 2022. Interest Cost declined by 9% to N6.6 billion in June 2023 from N6.1 billion in the same period under review.

Advertisement

Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billionrecorded at the end of June 2022, due to the increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%) which cushioned the effect of the decline in Inventories(+68%).

Advertisement

Transcorp shareholders’ funds remained very strong at N176.3 billion up fromN154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders.

Advertisement

Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, mentioned that the Group continues to sustain growth and improvement, showing resilience despite, a challenging operating environment, characterised by foreign exchange volatility, gas supply constraints, and rising inflation, amongst others.

Advertisement

She said, “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm. In spite, of the challenging environment, our power businesses (Transcorp Power Limited & Transafam Power Limited) have sustained revenue growth increase by 32% and 30% respectively while our hospitality continues to outperform across all indices.

Advertisement

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” asserted Dr Omogiafo

Advertisement

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

Advertisement
citynews

Recent Posts

NIGERIAN BREWERIES PARTNERS OZA CARNIVAL

PRESS STATEMENT Nigerian Breweries PLC - The pioneer and largest brewing company in Nigeria which is…

7 hours ago

CAF Made Me Believe I Won – Achraf Hakimi

Paris Saint-Germain star Achraf Hakimi has spoken out following his defeat by Ademola Lookman for…

19 hours ago

Oleksandr Usyk defeats Tyson Fury to tetain heavyweight title

Ukrainian boxer Oleksandr Usyk reinforced his position as one of the greatest heavyweight champions in…

19 hours ago

Nigerian Emergency Agency NEMA Puts All Offices On Alert Over Fatal Stampedes

The National Emergency Management Agency (NEMA) has said it has put all its zonal, territorial…

19 hours ago

We Will Bury PDP, Ibori’s Daughter Blows Hot

Erhiatake Ibori-Suenu, member representing Ethiope Federal Constituency of Delta State in the House of Representatives…

20 hours ago

Emefiele: EFCC secures final forfeiture of 1.925 hectares of landed property linked to former CBN Governor

The Economic and Financial Crimes Commission (EFCC) has reportedly secured a final forfeiture order for…

20 hours ago