Transcorp Group Records Gross Earning Growth in H1 2023

Transcorp Group also known as Transnational Corporation Plc recently released its financial results for the first half (H1) of the fiscal year which ended on June 30, 2023. The records showed that the corporation experienced growth in all the indices placed before the calculation.

The group recorded a 39% increase in profit before tax which amounted to N18.5 billion in H1 2023 which was far from the N13.4 billion in H1 recorded in 2022 that was submitted to the Nigerian Exchange (NGX). Also in the report, Interest cost dropped by 9% which amounted to a total of N6.6 billion in June 2023—a little bit higher than the N6.1 billion in the previous month under review.

The group also recorded N82.1 billion in H1 2023, which is far from the N62.9 billion in H1 2022. This represented a significant growth of 30% in year-on-year growth. On the other hand, operating income increased by N46% which amounted to N29.9 billion as of June 2023, far compared to N20.5 billion in June 2022.

The Group generated an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, representing a significant 31% year-on-year growth, while operating income increased by 46% to N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

The group's overall revenue for the half year ending June 30, 2023, was N82.1 billion, a 31% rise from N62.9 billion on June 30, 2022. From N20.5 billion in June 2022 to N29.9 billion in June 2023, Operating Income increased by 46%. Operating costs for the fiscal year ending June 30 were N15.9 billion, a 40% increase over the previous year's figure of N11.3 billion.

Transcorp's balance sheet remains strong, with Total Assets rising to N495.3 billion, a 12% increase over the N442.7 billion recorded at the end of June 2022, owing to increases in Debt and equity securities (+61%) and Trade and Other Receivables (+40%), which offset the effect of the decline in Inventories (+68%).

Transcorp shareholders' funds remained robust at N176.3 billion, up from N154.8 billion at the same time in 2022, demonstrating the company's commitment to providing long-term value to its shareholders.

Owen D. Omogiafo, president/group chief executive officer of Transcorp, commented on the results, saying that the Group continues to sustain growth and improvement, demonstrating resilience despite a challenging operating environment marked by foreign exchange volatility, gas supply constraints, and rising inflation, among other things.

THE STATEMENT

“The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm. In spite of the challenging environment, our power businesses (Transcorp Power Limited & Transafam Power Limited) have sustained revenue growth increase by 32 per cent and 30 per cent respectively while our hospitality continues to outperform across all indices.