Transnational Corporation Plc (Transcorp Group) has announced its financial results for the first half of the year ended June 30, 2023, recording growth across all its major indices.
Transcorp Group is a conglomerate with investments in power, hospitality and the energy sectors.
According to a statement from the company, the group achieved a revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31 percent growth year-on-year while operating income also grew by 46 percent to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.
It noted that the group’s total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31 percent increase. ”
“Operating income grew by 46 percent from N20.5billion in June 2022 to N29.9billion in June 2023. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40percent compared to N11.3 billion of the corresponding previous year,” it said.
In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported an 39percent growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. According to the release, “Interest Cost declined by 9percent to N6.6billion in June 2023 from N6.1 billion in the same period under review.
“Transcorp continues to maintain a strong balance sheet, with total assets rising to N495.3 billion, representing a 12 percent increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61percent) and Trade and Other Receivables (+40percent) which cushioned the effect of the decline in Inventories (+68percent).”
It also disclosed that Transcorp shareholders’ funds remained very strong at N176.3billion up from N154.8billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders.
Owen Omogiafo, Transcorp’s president/group chief executive officer, who spoke on the result, said 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.”
According to her, “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 percent and 30 percent respectively while our hospitality continues to outperform across all indices.
“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”
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.
