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| Owen Omogiafo. |
Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines. The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.
The conglomerate saw a 7% 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 N4.5billion. These achievements have
been made within a challenging operating environment characterized by foreign
exchange volatility, high cost of production and rising inflation.
It's worth noting that the Group's total revenue and
operating profit also experienced significant growth, rising by 21% from N111.2
billion in December 2021 to N134.7 billion in the period under review, and from
N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.
Operating expenses for the year ended December 2022 stood at N23.4 billion,
representing an increase of 24% compared to N18.8 billion recorded in the same
period of 2021.
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.
About Transnational Corporation Plc
Transnational Corporation Plc (Transcorp Group) is a
publicly quoted Conglomerate, with a shareholder base of approximately 300,000.
Our portfolio comprises strategic investments in the power, hospitality, and
oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp
Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
Visit www.transcorpgroup.com for more.
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