In its financial report filed with the Nigerian Exchange
(NGX), Transcorp reported an 39 percent growth in profit before tax to N18.5
billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined by
9percent to N6.6 billion in June 2023 from N6.1 billion in the same period
under review.
The Group achieved an impressive revenue of N82.1 billion in
H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31percent
growth year-on-year while operating income also grew by 46percent to close at
N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.
The Group’s total revenue for the half year ended June 30,
2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying
a 31percent increase. Operating Income grew by 46percent from N20.5 billion in
June 2022 to N29.9 billion in June 2023. Operating expenses for the period
ended June 30, were N15.9 billion, an increase of 40percent compared to N11.3
billion of the corresponding previous year.
Transcorp continues to maintain a strong balance sheet, with
Total Assets rising to N495.3 billion, representing a 12percent increase over
the N442.7 billion recorded at the end of June 2022, due to the increase in
Debt and equity securities (+61percent) and Trade and Other Receivables
(+40percent) which cushioned the effect of the decline in Inventories
(+68percent).
Transcorp shareholders’ funds remained very strong at N176.3
billion up from N154.8 billion recorded in the same period in 2022, further
reinforcing the company’s commitment to delivering long-term value to its shareholders.
Commenting on the result, Owen D. Omogiafo, president/group
Chief Executive Officer, Transcorp said that the Group continues to sustain
growth and improvement, showing resilience despite, a challenging operating
environment, characterised by foreign exchange volatility, gas supply
constraints, and rising inflation, amongst others.
She said, “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 32percent and 30percent respectively while our hospitality continues to
outperform across all indices.
“We remain focused on efficiency, cost leadership, and
meeting market demand to consistently deliver profitability and value to all
our shareholders,” asserted Omogiafo.
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