Transcorp reported a 39% growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022.
By Jeffrey Agbo
Transnational Corporation Plc (Transcorp Group) has announced revenue of N82.1 billion in the first half (H1) of 2023, compared to N62.9 billion in H1 2022 and marking a substantial 31% growth year-on-year.
The report was announced as the conglomerate’s financial results for the first half of the year ended June 30, 2023.
The firm also said its operating income grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.
Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40% compared to N11.3 billion in the corresponding previous year.
In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported a 39% growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined 9% to N6.6 billion in June 2023 from N6.1 billion in the same period under review.
Transcorp’s Total Assets rose 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%).
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Transcorp shareholders’ funds stood 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.
Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, 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.”
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