Transnational Corporation Plc (Transcorp) has announced its audited financial results for the year ended December 31, 2023.
The company reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the group’s strategic focus and effective execution.
Also, the group’s operating expenses saw an increase of 22.6% year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation.
Net finance cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.
Profit before tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.
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Profit after tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.
The group further said earnings per share were N40 compared to N19 in 2022, adding that total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.
In response to the results, president/group chief executive officer of Transcorp Owen Omogiafo said: “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives.
“Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively. Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders.”
