Transcorp’s nine-month profit jumps 41.4%

Transnational Corporation of Nigeria Plc has reported a 41.4 percent increase in profit after tax to N19 billion for the nine months ended September 30, 2022, from N13.3 billion recorded the previous year in September 2021.

Profit before tax grew by 47.7 percent to N‎20.9 billion in September 2022, higher than N‎14.1 billion recorded in a similar period in 2021.

The results filed with the Nigerian Stock Exchange also showed that the group’s total revenue rose by 12.5 percent from N85.6 billion in September 2021 to N96.2 billion in the period under consideration.

Operating income also grew by 14.5 percent from N‎27.5 billion in September 2021 to N31.5 billion in September 2022, while operating expenses for the quarter that ended September 2022 stood at N‎16.0 billion, representing an increase of 30.9 percent compared to N‎12.2 billion recorded in the same period of 2021.

The results also showed that total assets increased by 1.3 percent from N‎416.0 billion in December 2021 to N‎421.2 billion in Q3 2022 due to the increase in inventories, prepayments, and trade and other receivables which cushioned the effect of the decline in cash and cash equivalents.

Shareholders’ funds rose to N‎161.8 billion, representing an 11 percent year-on-year increase from N‎146.3 recorded billion due to profitability during the period.

Commenting on the results, Owen Omogiafo, Transcorp’s president/group chief executive officer, said the laudable performance this quarter was achieved as a result of the improved performance across all our businesses.

She said, “Despite the challenging operating environment, characterised by gas supply constraints, foreign exchange volatility, and rising inflation, amongst others, the group improved profitability and performance during the period.

“Our hospitality business has sustained its strong growth trajectory, outperforming all indices. Our business model remains robust, thanks to the prudent and adaptive strategy we have taken across our operations.”

While expressing confidence in the company’s capacity to deliver even better results in the last quarter of the financial year, she said: “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 a diversified shareholder base of over 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors, and its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.