Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.
The Group’s total revenue and operating profit also experienced significant growth, rising by 21 per cent 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.
The conglomerate with investments in the hospitality, power, and oil & gas sectors, recorded growth in its profit before tax, which rose by eight per cent to N30.3 billion compared to N27.9 billion in December 2021, according to a statement.
The statement disclosed that the conglomerate saw a seven per cent 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.
“The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion.
“These achievements have been made within a challenging operating environment characterised by foreign exchange volatility, high cost of production and rising inflation,” it added.
Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24 per cent, compared to the N18.8 billion recorded in the same period of 2021.
The results showed that its total assets increased by six per cent 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 six per cent year-on-year increase from N146.3 billion recorded in the same period of 2021.
Commenting on the results, the President/Group Chief Executive Officer, Dr. 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.
She said: “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.”
Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.