Transnational Corporation Plc (Transcorp Group) has recorded immense growth in the last one year, it’s Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 billion in June 2023.
Transcorp Group which is one of Nigeria’s leading conglomerates with investments in Power, Hospitality and Energy sectors has reported its financial results for the first half of the year that ended June 30, 2023, recording commendable growth across all its major indices.
The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022. total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31% increase. They remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022.
Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%) which cushioned the effect of the decline in Inventories (+68%)
Transcorp’s President/Group Chief Executive Officer, Dr. Mrs. Owen D. Omogiafo OON, said on the growth journey;
“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 & Transafam Power Limited) have sustained revenue growth increased by 32% and 30% respectively while our hospitality continues to out-perform across all indices.
“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”
