Transcorp Plc Sustains Growth As Revenue Rises By 21% In 2022

Transnational Corporation Plc’s (Transcorp)  total revenue and operating profit recorded a significant growth in 2022.

This is contained in its recently released financial results for the full year ended December 31, 2022, which shows significant improvements in its major income lines.

The  total revenue rose by 21 percent from N111.2 billion in December 2021 to N134.7 billion in December 2022, and the operating profit jumping from N38.5 billion in December 2021 to N46.7 billion in the period under review.

Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24 per cent compared to N18.8 billion recorded in the same period of 2021.

Transcorp, a conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8 per cent to N30.3 billion compared to N27.9 billion in December 2021. 

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The conglomerate saw a 7 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 N4.5 billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation, the report indicated. 

The results showed that total assets increased by 6% 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 6% 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. (Mrs.) 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.