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HomeCompany NewsTranscorp Group reports robust H1 2023 financials, sustained growth

Transcorp Group reports robust H1 2023 financials, sustained growth

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Transnational Corporation Plc (Transcorp Group), Nigeria’s premier conglomerate with investments in the Power, Hospitality, and Energy sectors, has disclosed its financial results for the first half of the fiscal year ending on June 30, 2023, showcasing commendable growth across all key performance indicators.

During H1 2023, the Group achieved a remarkable revenue of N82.1 billion, marking an impressive 31% increase compared to N62.9 billion in H1 2022.

Operating income also demonstrated significant growth, surging by 46 percent to N29.9 billion as of June 2023, in contrast to N20.5 billion in June 2022.

According to the financial report submitted to the Nigerian Exchange (NGX), the Group’s total revenue for the half-year ended June 30, 2023, reached N82.1 billion, a substantial improvement from N62.9 billion in the corresponding period of 2022, reflecting a 31 percent rise.

Operating income witnessed a notable surge of 46 percent, escalating from N20.5 billion in June 2022 to N29.9 billion in June 2023. Operating expenses for the period ending June 30, 2023, were N15.9 billion, representing a significant 40 percent increase compared to N11.3 billion reported in the corresponding previous year.

Transcorp reported a robust 39 percent growth in profit before tax, which amounted to N18.5 billion in H1 2023, compared to N13.4 billion in H1 2022. Additionally, the company managed to reduce its interest costs by 9%, reporting N6.6 billion in June 2023, down from N6.1 billion in the same period last year.

Transcorp’s balance sheet remains robust, with Total Assets climbing to N495.3 billion, indicating a noteworthy 12% rise over the N442.7 billion recorded at the end of June 2022. The increase in Debt and equity securities (+61 percent) and Trade and Other Receivables (+40 percent) offset the decline in Inventories (+68 percent).

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Shareholders’ funds exhibited strength, reaching N176.3 billion, an increase from N154.8 billion recorded in the same period in 2022, demonstrating the company’s unwavering dedication to delivering long-term value to its shareholders.

The President/Group Chief Executive Officer of Transcorp, Owen D. Omogiafo commented on the financial results, stating that the Group persisted in sustaining growth and improvement, displaying resilience despite a challenging operating environment characterized by foreign exchange volatility, gas supply constraints, and rising inflation, among other factors.

Omogiafo affirmed, “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 & Transafam Power Limited) have sustained revenue growth, increasing by 32 percent and 30 percent 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,” asserted Dr. Omogiafo.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with an approximate shareholder base of 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors.

Notable businesses under its umbrella include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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