Innovation, cost efficiency lift Transcorp’s revenue by N82b

Transnational Corporation Plc (Transcorp Group), has achieved revenue of N82.1 billion in its half-year (H1) 2023 operations compared to N62.9 billion recorded in the corresponding period in 2022.

Specifically, the firm’s performance for the half year showed Group revenue of N82.1 billion in its H1 2023, representing 31 per cent rise when compared to N62.9 billion recorded during the same period in 2022 while operating income also grew by 46 per cent to close at N29.9 billion higher than N20.5 billion posted in 2022.

Its operating expenses stood at N15.9 billion, an increase of 40 per cent compared to N11.3 billion in 2022. The firm achieved 39 per cent growth in profit before tax to N18.5 billion from N13.4 billion in 2022. Interest cost declined by nine per cent to N6.6 billion while total assets rose to N495.3 billion, representing a 12 per cent increase over the N442.7 billion in 2022.

Shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders.

Transcorp’s President/Group Chief Executive Officer, Dr. Owen Omogiafo, said the group continues to sustain growth and improvement, showing resilience despite a challenging operating environment, characterised by foreign exchange volatility, gas supply constraints, and rising inflation, amongst others.

She said: “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.

“In spite of the challenging environment, our power businesses (Transcorp Power Limited and Transafam Power Limited) have sustained revenue growth increase by 32 per cent and 30 per cent respectively, while our hospitality continues to outperform across all indices.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” she added.

The company has a shareholder base of approximately 300,000. The group’s diverse portfolio comprises strategic investments in the power, hospitality, and energy sectors.

Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power and Transcorp Energy.