Transnational Corporation Plc, (Transcorp Group) has announced profit after tax of N5bn in the first quarter ended March 31, 2022.
Its unaudited results filed with the Nigeria Exchange Limited showed that the conglomerate’s profit rose significantly by 147% up from N2bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.
A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10bn up from N6.9bn reported the previous year.
Despite increase in expenses such as inventories, prepayments, trade and other receivables, the group’s total assets rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; shareholders’ funds also rose by 3% to N151bn, up from N146.3bn.
Transcorp’s president/group chief executive officer, Owen Omogiafo, expressed satisfaction with the performance, and noted that the result is in line with the group’s strategy.
She said, “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”
Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact.
