Transcorp’s revenue hits 31% increase, jumps to N82bn

Transnational Corporation Plc, an indigenous conglomerate, has revealed that it experienced remarkable development across all key indices and that its revenue for the first half of 2023 increased by 31%.

In a report on its condensed consolidated financial statements, it said: Transcorp, which has investments in the oil, hospitality, and power industries, reported revenue of N82.1 billion for the six months that ended on June 30, 2023, up from N62.9 billion in the same time last year. 

Operating income also increased by 46% to N29.9 billion in June 2023 from N20.5 billion in June 2022.

Operating costs for the quarter that ended on June 30 were N15.9 billion, up 40% from the N11.3 billion spent during the same quarter the year before.

Transcorp recorded a 39% increase in profit before tax to N18.5 billion in H1 2023 from N13.4 billion during the same period in 2022 in its financial report.

Transcorp’s total assets increased by N495.3 billion, or 12%, from N442.7 billion in June 2022.

The funds held by Transcorp stockholders remained very robust, increasing to N176.3 billion from N154.8 billion in the same time in 2022.

President and Group CEO of Transcorp, Owen Omogiafo, commented on the outcome, saying, “The first-half financial results underline our devotion to fostering innovation and seizing chances for sustainable growth, placing Transcorp as a pathfinder in the Nigerian corporate world.

“Despite the difficult climate, Transcorp Power Limited and Transafam Power Limited’s power companies have sustained revenue growth increases of 32% and 30%, respectively, while our hospitality industry continues to outperform across all indices.”

In order to constantly produce profitability and value for all of our shareholders, Omogiafo remarked, “We remain focused on efficiency, cost leadership, and meeting market demand.”