Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, showing significant improvements in its major income lines.
Transcorp which boasts of investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021, according to a release on Thursday by the conglomerate.
The release revealed that the conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.
Digital TimesNG can report that the hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and a profit before tax of N4.5billion.
These achievements according to the conglomerate, have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production, and rising inflation.
Digital TimesNG understands that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.
Furthermore, Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.
The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.
Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.
President/Group Chief Executive Officer of Transcorp, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.
“As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders,” she said.
Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a shareholder base of approximately 300,000.
Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
