Transcorp grows revenue by 21%

Transnational Corporation Plc has reported a 21 per cent increase in its revenue for the financial results for the full year ended December 31, 2022.

In a statement on Wednesday, the conglomerate with investments in the hospitality, power, and oil & gas sectors, said it also recorded growth in its profit before tax, which rose by eight per cent to N30.3bn, compared to N27.9bn in December 2021.

The Group’s total revenue and operating profit experienced significant growth, rising by 21 per cent from N111.2bn in December 2021 to N134.7bn in the period under review, and from N38.5bn in December 2021 to N46.7bn in December 2022, respectively.

Operating expenses for the year ended December 2022 stood at N23.4bn, representing an increase of 24 per cent compared to N18.8bn recorded in the same period of 2021.

The results showed that total assets increased by six per cent from N416bn in December 2021 to N442.7bn in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

The conglomerate saw a seven per cent 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 achieved a revenue of 31.4bn and profit before tax of N4.5bn.

These achievements were made within a challenging operating environment characterised by foreign exchange volatility, high cost of production and rising inflation, the statement said.