BusinessFeaturedHighlightTrending Story

In a springy leap, Transcorp records impressive revenue of N82.1bn in first half of 2023 up from N62.9bn in 2022

1.3k

With an impressive revenue of N82.1 billion in first half of the year 2023, Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in Power, Hospitality and Energy sectors, says it has recorded commendable growth across all its major indices.

Persecondnews reports that in its financial results for the first half of the year ended June 30, 2023, the Group’s revenue leaped from N62.9 billion in the first half of 2022 to N82.1 billion in the corresponding period of 2023

The revenue shows 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.

“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% increase. Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 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.

“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, from N13.4 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.

“Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billion recorded 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%).

“Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders,” Transcorp said in a statement given to Persecondnews on Sunday.

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.

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.

“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.

Leave a comment

Related Articles

Rivers electoral commission begins preparations for LG elections

The Rivers State Independent Electoral Commission (RSIEC) has initiated the process for...

Presidential aides blast Aisha Yesufu over alleged Ramaphosa’s snubbing of Tinubu in S/Africa

Aisha Yesufu’s recent tweet criticizing President Bola Tinubu for being snubbed in...

Mental Health Care Awareness in Nigeria

by Shine Alagba Nigerians face mental stress due to economic challenges like...

Abuja Court rejects Abba Kyari’s latest bail application

Abba Kyari, the detained Deputy Commissioner of Police, renewed his request for...

FG plans ambitious $100bln expansion fund to enhance Nigeria’s cultural heritage

The Minister of Arts, Culture, and Creative Economy, Mrs. Hannatu Musa-Musawa, has...

Saraki, AbdulRazaq spat over Ilorin Durbar 

Former Senate President, Dr. Bukola Saraki, said he deliberately avoided the Ilorin...

South Africa’s Ramaphosa sworn in for second term as president

“Ramaphosa is expected to announce his cabinet in the coming days as...

Breaking: After Rivers lawmakers’ screening, Gov. Fubara inaugurates 23 LGAs caretaker chairmen

Rivers Gov. Siminalayi Fubara inaugurated the caretaker chairpersons for the state’s 23...

Breaking: Rivers Gov. Fubara appoints caretaker chairmen for 23 LGAs

The nomination came amid a renewed political crisis in the state, with...

Emirate crisis: Gumel promises neutrality, commitment to peace, stability in Kano State

Kano State Police Commissioner Ussain Gumel has refuted claims that his officers...

Updated: Rescued abducted Fouani brothers reunited with families, say Lagos Police

The Lagos State Police Command’s spokesperson, SP Benjamin Hundeyin, has confirmed that...

Emirship tussle: We won’t allow state of emergency in Kano – Sen. Kwankwaso

Sen. Rabi’u Musa Kwankwaso, former Kano State Governor and Kwankwasiyya Movement leader,...

Asari Dokubo to stay-put Rivers LG Chairmen: Go home in peace or face people’s wrath

“The chairmen, whose tenure expired on June 17, cannot force themselves on...

Just in: Lagos Police command rescues abducted Fouani brothers

Operatives of the Lagos State Police Command have rescued the three kidnapped...

Tenure elongation: Rivers Gov. Fubara directs administrative heads to take over 23 LGAs

The Rivers State Governor, Siminalayi Fubara, has directed the Heads of Local...

Ex-Pres. Obasanjo pays Sallah homage to First Lady, Oluremi

Former President Olusegun Obasanjo visited the nation’s First Lady, Sen. Oluremi Tinubu,...

Tinubu off to South Africa for Pres. Ramaphosa’s inauguration

President Bola Tinubu will, on Tuesday, June 18, 2024, depart Lagos for...

Despite Labour’s disapproval, FG insists on N62,000 minimum wage

The Presidency said on Sunday that the demand for a minimum wage...

Palliatives: Tinubu, Sanwo-Olu lauded for channelling food items for vulnerable people through CDC platforms

President Bola Tinubu and the Lagos State Governor, Babajide Sanwo-Olu, have been...

Presidency reacts to New York Times article, says current economic problems not created by Tinubu

Nigeria’s economic downslide was an inherited problem, the Presidency said in a...