Transnational Corporation Plc (Transcorp), a Nigerian-listed corporation, announced a 91% increase in earnings in the preceding year.
The group’s after-tax earnings surged from N17.1 billion to N32.6 billion in 2022, while its profit before taxes escalated by 93.5% to N58.8 billion in 2023.
Owen Omogiafo, Transcorp’s President/Group CEO, emphasized that the 2023 financial results underscore the Group’s robust operational performance and strategic initiatives outcomes.
Despite confronting formidable macroeconomic challenges throughout the year, she highlighted that the group witnessed substantial growth in sales and profitability, demonstrating its adeptness in navigating evolving market dynamics successfully.
Omogiafo reiterated the group’s commitment to achieving sustainable growth, enhancing operational and technical efficiency, and maximizing shareholder value.
Furthermore, Transcorp’s revenue surged from N134 billion to N197 billion, while operating expenses rose by 22.6% annually to N26.9 billion in 2023, attributed to inflation.
The net financing cost surged by 46% to N22.6 billion due to interest payments on foreign currency-denominated loans, subsequently repaid.
Total assets witnessed a 20% growth, soaring from N442.7 billion to N529.9 billion, while Transcorp elevated its earnings per share from N19 to N40.
