Transnational Corporation Plc (Transcorp) put the Group’s total revenue and operating profit in December 2022 at N134.7 billion, rising by 21% from N111.2 billion in December 2021, and from N38.5 billion in December 2021 to N46.7 billion, respectively.
Profit before tax rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.
The conglomerate’s financial results for the full year ended December 31, 2022, significant improvements in its major income lines with investments in the Hospitality, Power, and Oil & Gas sectors.
Broken down, the conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year arising from issues with gas supply amid lower oil & gas production in Nigeria in 2022.
The hospitality sector raked in record revenue of N31.4 billion and profit before tax of N4.5billion. “These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation,” it said.
Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.
Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.
The results also showed a 6% increase in total assets from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.
Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.
Commenting on the results, the President/Group Chief Executive Officer, Dr. Owen Omogiafo, attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.
She said: “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”
Transcorp expressed commitment to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.
