Transcorp’s Profit Surges by 66% in 2023
Transcorp Reports 66% Profit Increase in 2023
Transnational Corporation Plc (Transcorp) announced on Wednesday a significant growth in its gross profit for the year ended December 31, 2023. According to the company’s audited financial statement submitted to the Nigerian Exchange Ltd (NGX) in Lagos, the gross profit reached N109.1 billion, representing a 66.0% increase compared to N65.77 billion in 2022.
Chairman of the Board of Directors, Tony Elumelu, revealed that Transcorp’s profit for the year surged by 93%, reaching N32.5 billion in 2023 from N16.84 billion recorded in 2022. Additionally, the group’s operating profit rose by 75% to N81.4 billion in 2023, compared to N46.57 billion the previous year.
The company generated N197.0 billion in revenue for the year under review, marking a significant increase of 47.3% compared to N133.7 billion in 2022. Transcorp’s Profit Before Tax also saw a remarkable growth, standing at N58.8 billion in 2023, compared to N30.4 billion in the previous year.
However, the group faced challenges, recording a net foreign exchange loss of N8.7 billion on foreign currency borrowings, which represented a 110% increase from N4.1 billion in 2022.
Transcorp Power, the group’s power subsidiary, played a major role in driving revenue, generating N156 billion. Similarly, Transcorp Hotels, the hospitality subsidiary, contributed N42 billion in revenue.
The positive financial results underscore Transcorp’s strong performance and resilience in navigating the economic landscape.
