Transcorp Group posts impressive revenue growth in FY 2023 results

Transnational Corporation Plc (TRANS-CORP) has posted an impressive growth in its financial results for the year ended December 31, 2023.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3 percent increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.

Notably, the Group’s Operating Expenses saw an increase of 22.6 percent year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation.

The Finance Cost also increased by 46 percent to N22.6 billion, arising from interest on foreign currency loans that has now been repaid.

Meanwhile, Profit before Tax surged by 93.5 percent, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.

The PAT also improved 91 percent year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.

Similarly, earnings per share of the Group were N40 compared to N19 in 2022.

Commenting on the results, President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen D. Omogiafo said, “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives.

“Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively.

“Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”

She reiterated that the group is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.