Transcorp grows revenue by 31% to N82bn in half year

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By Idris Bakare

Indigenous conglomerate, Transnational Corporation Plc, has reported that its revenue for the half year of 2023 grew by 31 per cent and that it achieved commendable growth across major indices.

In a statement on its Unaudited Condensed Consolidated Financial Statements For the period ended June 30, 2023, Transcorp, which has investments in power, hospitality and oil sectors, posted revenue of N82.1bn in H1 2023, compared to N62.9bn in H1 2022, while operating income also grew by 46 per cent to close at N29.9bn as of June 2023, compared to N20.5bn in June 2022.

Operating expenses for the period ended June 30, were N15.9bn, an increase of 40 per cent compared to N11.3bn of the corresponding period in the previous year.

In its financial report, Transcorp reported a 39 per cent growth in profit before tax to N18.5bn in H1 2023, from N13.4bn within the same period in 2022.

Transcorp’s total assets rose to N495.3bn, representing 12 per cent compared to N442.7bn in June 2022.

Transcorp shareholders’ funds remained very strong at N176.3bn up from the N154.8bn recorded in the same period in 2022.

Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, said, “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.

“In spite of the challenging environment, our power businesses (Transcorp Power Limited and Transafam Power Limited) have sustained revenue growth increase by 32 per cent and 30 per cent respectively, while our hospitality continues to outperform across all indices.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” Omogiafo said.

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