Transnational Corporation Plc, a Nigerian conglomerate, has revealed that its revenue for the first half of 2023 increased by 31%, with excellent development across major indices.
According to the company’s Unaudited Condensed Consolidated Financial Statements, Transcorp, which has operations in the electricity, hospitality, and oil sectors, generated revenue of N82.1bn in H1 2023, compared to N62.9bn in H1 2022, while operating income increased by 46% to N29.9bn in June 2023, compared to N20.5bn in June 2022.
Operating expenses for the fiscal year ending June 30 was N15.9 billion, a 40% increase over the previous year’s similar period of N11.3 billion. Transcorp recorded a 39% increase in profit before tax to N18.5 billion in H1 2023, up from N13.4 billion in the same period in 2022, in its financial report.
Transcorp’s total assets increased by 12% to N495.3 billion in June 2022, from N442.7 billion in June 2022. Transcorp shareholders’ funds remained robust at N176.3 billion, up from N154.8 billion in the same time in 2022.
Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, commented on the findings, saying, “The first-half financial results affirm our commitment to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.”
“Despite the challenging environment, our power businesses (Transcorp Power Limited and Transafam Power Limited) have maintained revenue growth of 32% and 30%, respectively, while our hospitality continues to outperform across all indices.”
“We remain focused on efficiency, cost leadership, and meeting market demand in order to consistently deliver profitability and value to all of our shareholders,” said Omogiafo.
