Transcorp Group Reports Impressive Growth in FY 2023 As Revenue Soars by 47.3%

…PBT Surges by 93.5%

In a remarkable display of resilience and strategic prowess, Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading conglomerate, has unveiled its financial performance for the fiscal year ending December 31, 2023.

The audited results paint a picture of robust growth, with Transcorp’s revenue witnessing a substantial uptick to N197 billion in 2023, marking a noteworthy surge of 47.3% from the previous year’s N134 billion. This remarkable achievement underscores the Group’s unwavering commitment to strategic excellence and effective execution.

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Key highlights from Transcorp’s financial report include a 22.6% year-on-year increase in operating expenses, totaling N26.9 billion in 2023, largely attributed to the impact of inflation. Additionally, the net finance cost surged by 46% to N22.6 billion, primarily driven by interest on foreign currency loans, which have now been repaid.

However, amidst these challenges, Transcorp’s profit before tax soared impressively by 93.5%, reaching N58.8 billion in 2023, compared to N30.4 billion in the preceding year. Similarly, profit after tax experienced a substantial improvement of 91% year-on-year, totaling N32.6 billion in 2023, compared to N17.1 billion in the same period last year.

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The earnings per share of the Group also witnessed a significant boost, climbing to N40 from N19 in 2022. Furthermore, total assets registered a commendable growth of 20%, reaching N529.9 billion in full year 2023, up from N442.7 billion in December 2022.

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Reacting to the stellar performance, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, expressed her satisfaction, stating, “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives.” She emphasized the Group’s unwavering focus on achieving sustainable growth, operational efficiency, and maximizing value for shareholders.

Transnational Corporation Plc (Transcorp Group) continues to prioritize its transformation agenda, aiming to deliver sustained growth and long-term value for shareholders. With strategic investments in the power, hospitality, and energy sectors, Transcorp remains steadfast in its mission to improve lives and transform Africa.