Transcorp’s strategic positioning raises revenue 47.3% to N197bn in FY 2023 

Business a.m.

The Transnational Corporation Plc (Transcorp), one of Nigeria’s largest listed conglomerates, has announced a significant year-on-year growth, with revenue rising 47.3 per cent to N197 billion in 2023 from N134 billion in 2022, reinforcing its market leadership and strategic positioning.

The company’s financial results for the year ended December 31, 2023, also indicated a marked improvement in its performance, with revenue, gross profit, and operating profit all increasing significantly. 

Transnscorp’s  audited financial results also revealed several key highlights, including a  93.5 per cent year-on-year growth in profit before tax which rose from N30.4 billion in 2022 to N58.8 billion in 2023. In addition, the group’s profit after tax rose by 91 per cent year-on-year, from N17.1 billion in 2022 to N32.6 billion in 2023. 

Further analysis of the company’s report showed that its operating expenses 22.6 per cent year-on-year to N26.9 billion. This was attributed to the impact of inflation, which was a factor outside the company’s control. The group’s net finance cost also increased by 46 per cent to N22.6 billion, largely due to the interest expense associated with foreign currency loans, which has now been repaid by the company. 

A more detailed look at the group’s financials revealed that total assets grew by 20 per cent to N529.9 billion in 2023, up from N442.7 billion in 2022. In addition, earnings per share increased from N19 in 2022 to N40 in 2023, demonstrating the group’s ability to generate value for its shareholders. 

Owen D. Omogiafo, Transcorp’s president and group chief executive officer, stated that the group’s financial results for 2023 reflect its strong operational performance and the success of its strategic initiatives.

Omogiafo noted that Transcorp was able to achieve significant growth in revenue and profits, despite challenging macroeconomic conditions. She stated that this demonstrates the group’s ability to effectively navigate a dynamic market landscape and adapt to changing conditions.

“Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders,” she stated.