The board of Transnational Corporation of Nigeria Plc (Transcorp Group), on Wednesday published its audited financial for the year ended December 31, 2023, with highlights such as a 47.3% growth in revenue and 91% Profit After Tax leap.
A statement by the directors say the result demonstrates the group’s strategic focus on effective execution, which enable it achieve substantial growth in financial indicators, reinforcing its market leadership and strategic positioning.
The statement quoted Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer, the chief executive as assuring that Transcorp Group would remain focused on its primary objectives of achieving “sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”
Specifically, year-on-year revenue growth rose to N197bn from N134bn in 2022, while cost of sales increased to N87.845bn from N67.949bn, following which gross profit stood at N109.143bn from N65.768bn. Other gains dropped from N3.44bn to N2.886bn, Operating profit jumped to N46.555bn to N81.441bn.
Finance income improved to N117.166m to N1.424bn; finance cost grew from N16.541bn to N25.004bn. Net Finance Cost increased grew 46% to N22.6bn, arising from interest on foreign currency loans, that has now been repaid, following which Profit before Tax surged by 93.5%, amounting to N58.8bn in 2023, from N30.4bn in the same period last year.
Profit after Tax improved to N32.6bn in 2023, compared to N17.1bn in the same period last year, translating to Earnings Per Share of the Group were 40 kobo compared to 19 kobo in 2022.
Also on the balance sheet, Total Assets grew by 20%, to N529.9bn in full year 2023, up from N442.7bn in December 2022.
Continuing, Dr. Omogiafo said “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives. 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. Our primary objectives remain centered on achieving sustainable growth.”
