Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in Power, Hospitality and Energy sectors, has announced its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices.
The group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year. Operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022, according to its financial report filed with the Nigerian Exchange (NGX).
Key highlights from Transcorp’s H1 2023 financial report include:
- Total revenue for the half-year ended June 30, 2023, was N82.1 billion, a 31% increase from the previous year.
- Operating income grew by 46% to N29.9 billion in June 2023.
- Operating expenses for the period ended June 30 were N15.9 billion, a 40% increase compared to the corresponding previous year.
- Profit before tax increased by 39% to N18.5 billion in H1 2023.
- Interest cost declined by 9% to N6.6 billion in June 2023.
- Total assets rose to N495.3 billion, a 12% increase over the previous year.
- Shareholders’ funds increased to N176.3 billion, reinforcing the company’s commitment to delivering long-term value.
Despite a challenging operating environment characterized by foreign exchange volatility, gas supply constraints, and rising inflation, Transcorp has shown resilience and sustained growth. The company’s power businesses, Transcorp Power Limited and Transafam Power Limited, have experienced revenue growth of 32% and 30% respectively, while the hospitality sector continues to outperform across all indices.
Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, expressed the company’s dedication to driving innovation and seizing opportunities for sustainable growth. She emphasized the focus on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to shareholders.
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 increase by 32% and 30% 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”.
Transcorp Group is a publicly quoted conglomerate with strategic investments in the Power, Hospitality, and Energy sectors. Notable businesses under the group include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
Overall, Transcorp’s H1 2023 financial results demonstrate its strong performance and sustained growth, reflecting its commitment to delivering value in the Nigerian business landscape.