Transcorp Records N109.1bn Gross Profit in 2023

Transcorp Records N109.1bn Gross Profit in 2023

Transcorp Records N109.1bn Gross Profit in 2023

Transnational Corporation Plc (Transcorp) on Wednesday said its gross profit for the year ended Dec. 31, 2023 stood at N109.1 billion.

The figure represented a growth of 66.0 per cent,as against N65.77 billion recorded in the same period of the year 2022.

This was contained in the company’s audited financial statement for the year ended Dec. 31, 2023 sent to the Nigerian Exchange Ltd (NGX) in Lagos.

The statement was signed by Mr Tony Elumelu, Chairman Board of Directors, Transcorp, Mr Olumuyiwa Awe, Acting Chief Finance Officer, Transcorp and Dr Owen Omogiafo, President Transcorp.

Elumelu said the company’s profit for the year went up by 93 per cent to N32.5 billion in the year ended 2023, from N16.84 billion recorded in the year 2022.

The chairman stated that the operating profit for the group, which opened at N46.57 billion, also rose by 75 per cent to N81.4 billion in year 2023.

He said the group generated N197.0 billion as revenue for the year under review, indicating an increase of 47.3 per cent, compared to N133.7 billion posted in the same period of year 2022.

According to him, Transcorp’s Profit Before Tax for the year under review stood at N58.8 billion, compared to N30.4 billion posted in the previous year.

He, however, disclosed that the group recorded N8.7 billion net foreign exchange loss on foreign currency borrowings, indicating 110 per cent increase, from N4.1 billion posted in year 2022.

The major drivers of the group’s revenue in the course of the year are  its power subsidiary known as Transcorp Power, which recorded a revenue of N156 billion.

Also, Transcorp Hotels, the group’s hospitality subsidiary, generated N42 billion revenue.