BusinessFeaturedHighlightTrending Story

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

332

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

Benin Republic President Talon visits Tinubu, wants free movement of people, goods between both countries

We want stronger trade ties with Nigeria …free movement of people and...

COP28: NNPC Ltd seals two deals in Dubai, to comercialise LNG for domestic and International market

In its bid to commercialise and enhance Nigeria’s gas revenue, the Nigerian...

2024 Budget: Gbajabiamila lampoons fake news merchants, says no N10bn for official residence renovation

The Chief of Staff to President Bola Tinubu, Mr Femi Gbajabiamila, has...

COP28: Nigerian among 8 business women who won $800,000 in Dubai

Stephanie Meltus of Green Eden Farms is among the eight young African...

From gym buddies to dinner dates: Ninalowo, Adedamee’s romance takes centre stage

The entertainment industry is currently abuzz with the news of actor Bolanle...

How social media helped Rivers CP, crack team to bust policemen for ransom kidnapping

Following reports of some policemen allegedly involved in ransom kidnapping, Rivers State...

Declan Rice stoppage time header bails Arteta

Declan Rice 97 minutes stoppage time goal boosted Arsenal title push as...

Sports Minister hails Super Falcons’ booking a spot in Morocco 2024

The Minister of Sports, Sen. John Enoh has congratulated the 11-time African...

Tinubu returns to Abuja after COP28 in Dubai

The President, while in Dubai, had witnessed the signing of an accelerated...

Afrobeats is ours but we must attract foreign investment with it or lose out totally – Daréy Art-Alade

Dare Art Alade, popularly known as Darey, has reflected on the soaring...

NNPC joins world partners to reduce Methane emissions – Eyesan, NNPC Ltd’s Executive Vice-President, Upstream

The Nigerian National Petroleum Company Ltd (NNPC Ltd) has expressed its commitment...

Oil theft: 163 incidents recorded,16 suspects arrested in Niger Delta in one week

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) has matched its words...

Army Chief Lagbaja visits Kaduna after military drone killed 85 villagers

The Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja on Tuesday visited Kaduna...

Visa: UK introduces stringent five-point plan to reduce migration

The United Kingdom Home Secretary, Mr James Cleverly, has proposed a five-point...

Tinubu orders full-scale investigation into Kaduna village bombing

President Bola Tinubu has ordered a full- scale investigation into the bombing...

Portable meets Skepta, Tiwa Savage in UK, hints on collaboration

Street sensation, Portable, is basking in the glory of his musical journey...

Nigeria’s delegation to COP28 in Dubai is 422, not 1,411 – Information Minister

The Federal Government has clarified that its delegates to the ongoing Convention...

COP28: Kyari to world energy leaders: A just energy transition for Africa is realistic

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

Lagos port berths world’s largest container, “MV Great Lagos”

Lagos State Gov. Babajide Sanwo-Olu and the Minister of Marine and Blue...

Bombing of Kaduna villagers: Nigerian Army has admitted it’s an error – Kaduna Govt

The Nigerian Army has claimed responsibility for dropping a bomb on Tudun...