Transnational Corporation (Transcorp) Plc recorded substantial growths in sales and profitability in the first half of this year with profit before tax rising by 39 per cent to N18.5 billion within the six-month period.
Key extracts of the half-year report for the report ended June 30, 2023 released at the Nigerian Exchange (NGX) showed that profit before tax rose from N13.4 billion in first half 2022 to N18.5 billion in first half 2023. Total revenue rose to N82.1 billion in 2023 compared with N62.9 billion in 2022, an increase of 31 per cent. Operating income also grew by 46 per cent to N29.9 billion in 2023 compared with N20.5 billion in 2022. Operating expenses however grew by 40 per cent from N11.3 billion to N15.9 billion.
The balance sheet also emerged stronger with a 12 per cent increase in total assets from N442.7 billion in first half 2022 to N495.3 billion in first half 2023. Shareholders’ funds improved to N176.3 billion in first half 2023 as against N154.8 billion recorded in the comparable period of 2022.
President and Group Chief Executive Officer, Transnational Corporation (Transcorp) Plc, Dr. Owen Omogiafo, explained that the group has continued to sustain growth and improvement due to its resilience, in spite of 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 the group’s dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.
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She noted that in spite of the challenging environment, the group’s power businesses-Transcorp Power Limited and Transafam Power Limited, have sustained revenue growth increase by 32 per cent and 30 per cent respectively while its 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,” Omogiafo said.
Transcorp Group, a publicly quoted conglomerate with a shareholder base of approximately 300,000, has diverse portfolio comprising 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.