Transnational Corporation Plc (Transcorp) has announced a total revenue of N134.7 billion in 2022, representing a 21 percent growth over N111.2 billion reported in the preceding year.
The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors also announced an operating profit of N46.7 billion in December 2022, up from N38.5 billion in December 2021while its profit before tax rose by 8 percent to N30.3 billion from N27.9 billion in December 2021.
In the 2022 financial results, the conglomerate saw a 7 percent increase in its power investments, despite the challenges faced in the year from the issues with the gas supply, off the diminished Oil & Gas production in the country in 2022. The hospitality sector showed a very strong performance with a record revenue of 31.4 billion and a profit before tax of N4.5 billion.
These achievements came amid a challenging operating environment characterized by foreign exchange volatility, high cost of production, and rising inflation.
It expended N23.4 billion, representing an increase of 24 percent in operations in the year, up from the N18.8 billion recorded in the same period of 2021.
The results showed that total assets increased by 6 percent 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 percent year-on-year increase from N146.3 billion recorded in the same period of 2021.
The President, Owen Omogiafo linked the results with the robustness of the company’s business model, which remains prudent and nimble across its operations.
“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 remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
Comments are closed.