Transcorp Delivers Robust Performance as PBT Grew by 93.5% in 2023FY

Kayode Tokede

Transnational Corporation Plc (Transcorp), yesterday announced its financial results for the year ended December 31, 2023, delivering a robot performance as shown in profit before tax that rise to N58.8 billion, a growth of nearly 94 per cent from N30.4 billion reported in 2022 financial year.

The group in its result and account posted on the Nigerian Exchange Limited (NGX) achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning as profit after tax for 2023 increased to N32.6 billion in 2023, representing 91 per cent growth from N17.1 billion in 2022.

The Nigeria’s leading listed conglomerate, Earnings Per Share (EPS) increased to N40.00per share in 2023 compared to N19.00 per share in 2022.

On the backdrop of impressive 2023 financial year result and accounts, the board of directors of Transnational Corporation proposed a dividend payment of N4.06 billion in 2023 (2022: N2.03billion), being 10 kobo per share on the outstanding ordinary shares of 40,647,990,293 shares of 50 kobo each for 2023.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3per cent increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.

Speaking, President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen Omogiafo in a statement 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 maximizing value for shareholders.”

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