Transcorp Corporation Sees N109.1bn Gross Profit In 2023

Transnational Corporation Plc (Transcorp) reported on Wednesday that it had a gross profit of N109.1 billion for the year that ended on December 31, 2023. Comparing the amount to N65.77 billion recorded during the same period in 2022, it indicated a rise of 65.0%.

This was included in the audited financial statement of the company that was sent to the Nigerian Exchange Ltd (NGX) in Lagos for the year that ended on December 31, 2023.

The announcement has the signatures of Dr. Owen Omogiafo, President of Transcorp, Mr. Tony Elumelu, Chairman of the Board of Directors, and Mr. Olumuyiwa Awe, Acting Chief Financial Officer.

Elumelu reported that the company’s earnings for the year increased by 93%, from N16.84 billion in 2022 to N32.5 billion in the year that ended in 2023.

The chairman stated that the operating profit for the group, which opened at N46.57 billion, also rose by 75 per cent to N81.4 billion in year 2023.

He said the group generated N197.0 billion as revenue for the year under review, indicating an increase of 47.3 per cent, compared to N133.7 billion posted in the same period of year 2022.

According to him, Transcorp’s Profit Before Tax for the year under review stood at N58.8 billion, compared to N30.4 billion posted in the previous year. Naira Steadies as Banks Issue Update on FX Purchase

He, however, disclosed that the group recorded N8.7 billion net foreign exchange loss on foreign currency borrowings, indicating 110 per cent increase, from N4.1 billion posted in year 2022.

The major drivers of the group’s revenue in the course of the year are its power subsidiary known as Transcorp Power, which recorded a revenue of N156 billion. Also, Transcorp Hotels, the group’s hospitality subsidiary, generated N42 billion revenue.

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