Transnational Corporation Plc (Transcorp) has recorded a 21% increase in its total revenue from N111.2 billion in December 2021 to N134.7 billion in the year 2022.
Its released financial results for the full year ended December 31, 2022, demonstrated significant improvements in its major income lines.
The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets. Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.
Its operating profit also experienced significant growth from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.
Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.
The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.
The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with the gas supply, off the diminished Oil & Gas production in the country in 2022.
The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and a profit before tax of N4.5 billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.
Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations. She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”