Transcorp Group demonstrates robust growth, records 47.3% revenue increase in 2023.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to 197 billion Naira in the year 2023, from 134 billion Naira in 2022, representing a 47.3% increase. 

Apart from increase in revenue, the conglomerate also disclosed that Operating Expenses saw an increase of 22.6% year-on-year, totalling 26.9 billion Naira in 2023, reflecting the impact of inflation.

“Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid,” Transnational Corporation Plc stated.

The statement from the conglomerate further added that: “Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year. Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year”. 

“Earnings per share of the Group were N40 compared to N19 in 2022. Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022,” the financial statement concluded.

The strong performance is further demonstration of the Group's strategic focus and effective execution.

The President/Group Chief Executive Officer of Transcorp, Dr Mrs Owen D. Omogiafo, who commented on the progress made, said: “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives.  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,”

Going by Dr Mrs Omogiafo, the Group’s “primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders”.

Transcorp is said to be dedicated to its transformation agenda, emphasising 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% of Nigeria’s installed power capacity. 

Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281. 

The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.