Transcorp Corp Plc reported a notable increase in earnings subsequent to a notable uptick in the group’s sales in 2023. The investment business stated in its unaudited financial statement that it submitted with the Nigerian Exchange that its revenue increased by 44% to around N194 billion in 2022 from N134.721 billion in the comparable year.
Alongside Nigeria’s rapidly rising headline inflation rate, its costs of sales also increased. Information revealed that expenses of sales increased significantly in 2023, rising from N68.3 billion in 2022 to N87.991 billion, an increase of more than 18% year over year.
Operating income increased by more than 71% to N80 billion in the financial year 2023 from N46.7 billion in the previous year, after deducting overhead expenses.
Pre-tax profit spiked by about 85% to N55.87 billion in 2023 from N30.276 billion in 2022. With a tax expense provision of N21.786 billion, the company’s net income grew more than 102% to N34.087 billion from N16.839 billion in 2022.
Data from the Nigerian stock market showed that the company stock was down by 1.44% to N12.96 during the intraday trading session as investors’ sentiment dropped.
