Victor EzejaTransnational Corporation Plc (Transcorp), has announced its financial results for the year ended December 31, 2023, revealing an increase in revenue by 47.3 per cent from N134 billion in 2022 to N197 billion in the year 2023.
It also recorded a 93.5 per cent increase in Profit before Tax (PBT) to N58.8 billion in 2023, from N30.4 billion in the same period in 2022.
This shows the company had a robust financial performance in the year under review.
According to the financial result, the conglomerate also had its Profit after Tax surge by 91 per cent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period the previous year.
In terms of earnings per share, the company also had an improvement as it was N40 in 2023 compared to N19 in 2022.
Also, the Group’s total assets rose by 20 per cent, to N529.9 billion in the full year 2023, from N442.7 billion in December 2022.
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Expenditure/Costs
The result indicated that the group witnessed an increase in its Operating Expenses by 22.6% year on year, totalling N26.9 billion in 2023. This was attributed to the impact of the soaring inflation in Nigeria.
Also, the Net Finance Cost increased by 46 per cent to N22.6 billion, “arising from interest on foreign currency loans, that has now been repaid,” the Group explained.
Commenting on the 2023 financial result, President/Group CEO of Transcorp, Dr. (Mrs) Owen Omogiafo, said the strong performance as revealed by the financial indicators, despite macroeconomic challenges, reflects the effectiveness of the conglomerate’s strategic initiatives.
“The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives,” Omogiafo stated.
“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.”
She added that the Group’s primary objectives remain focused on “achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
