Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in the Power, Hospitality, and Energy sectors has announced N82.1 billion in earnings in H1 2023, marking a substantial 31 percent growth on N62.9 billion for Half-year 2022, an operating income of almost N29.9 billion in the same period.
H1 2023 operating income was 46 percent over N20.5 billion in June 2022. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40 percent compared to N11.3 billion in the corresponding previous year.
In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported a 39 percent growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined by 9 percent 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 percent 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.
Its President, Owen D. Omogiafo, said 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, among 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 increases of 32 percent and 30 percent 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,” asserted Omogiafo
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.
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