Transnational Corporation Plc (Transcorp), a listed conglomerate in Nigeria, recorded a 91 percent increase in its profit last year, according to a statement by the company.
The group’s after-tax profit rose to N32.6 billion from N17.1 billion in 2022. Its profit before tax also surged by 93.5 percent to N58.8 billion in 2023.
Read also: Transcorp demonstrates robust growth in FY’23 as revenue increases by 47.3%
“The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives,” Owen Omogiafo, president/group and CEO of Transcorp, said in a statement.
She said notwithstanding the strong macroeconomic headwinds in the year, the group achieved significant growth in revenue and profits, indicating its ability to navigate a dynamic market landscape effectively.
“Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders,” Omogiafo added.
Transcorp’s revenue also rose to N197 billion from N134 billion. Operating expenses grew by 22.6 percent on a year-on-year basis to N26.9 billion in 2023, reflecting the impact of inflation.
Its net finance cost increased by 46 percent to N22.6 billion, arising from interest on foreign currency loans that have now been repaid.
Total assets grew by 20 percent to N529.9 billion from N442.7 billion. Transcorp’s earnings per share rose to N40 from N19.
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