Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in the Power, Hospitality, and Energy sectors has announced its financial results for the third quarter of the year that ended September 30, 2023, recording commendable growth across all its major indices.
In its unaudited results filed with the Nigerian Exchange (NGX), Transcorp reported an impressive revenue of N128 billion in Q3 2023, compared to N96.2 billion in Q3 2022, marking a substantial 33% growth year-on-year while operating income also grew by 36 percent to close at N42.7 billion as of September 2023, compared to N31.5 billion in September 2022.
The Group’s total revenue for the period ended September 30, 2023, was N128 billion, compared to N96.2 billion in September 30, 2022, signifying a 33 percent increase.
Operating income grew 36 percent from N31.5 billion in September 2022 to N42.7 billion in September 2023.
Total assets increased by eight percent from N442.7 billion in December 2022 to N479.8 billion in Q3 2023
Hospitality businesses sustained strong growth, recording 31.76 percent growth in revenue from N22.7 billion to N29.9 billion, significantly higher than pre-covid performance. Profit also grew by 62 percent from N3.4 billion to N5.5 billion.
Power subsidiaries’ revenue grew by 33.4 percent from N73.6 billion to N98.2 billion despite the challenges of gas and infrastructure in the sector, showcasing the group’s innovative and resilient business strategy.
Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, expressed enthusiasm and confidence in the Group’s performance trajectory, stating:
“Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”
“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Omogiafo.
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