Transcorp Plc grows revenue by 47% to N197bn in 2023

Transnational Corporation (Transcorp) Plc says its revenue rose to N197 billion in the year ended December 31, 2023.

According to a recent statement by Transcorp, this represents a 47.3 percent year-on-year increase from N134 billion in 2022.

The strong performance, Transcorp said, demonstrates its strategic focus and effective execution.

The company said it achieved significant growth in its financial indicators, reinforcing its market leadership and strategic positioning.

“Operating Expenses saw an increase of 22.6% year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation,” Transcorp said.

“Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.

“Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.

“Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.”

According to Transcorp, earnings per share of the group were N40 — up from N19 in 2022.

The company also reported its total assets grew by 20 percent to N529.9 billion in the full year 2023, up from N442.7 billion in December 2022.

In response to last year’s financial results, Owen Omogiafo, president and group chief executive officer of Transcorp, said it underscores “our Group’s strong operational performance and the results of our strategic initiatives”.

“Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively,” Omogiafo said.

Omogiafo said the company’s primary objectives are to deliver sustainable growth, enhance operational and technical efficiency, and maximise shareholder value.