Transcorp corporation PLC, Nigeria’s leading conglomerate with investments in the power, hospitality and energy sectors has disclosed its financial performance for the third quarter of 2023, revealing a robust year-on-year growth across all key indices.
The brand made significant progress with revenue soaring higher in the third quarter of 2023.
With an unadited results filled with the Nigeria Exchange NGX, Transcorp reported an impressive revenue of 128 billion in quarter 3 2022, marking a substantial 33% growth when compared to the N31.5billion in September 2022.
The profit so far made by the brand signifies the company’s unwavering support and commitment to delivering exceptional value to stakeholders and sustaining a trajectory of continuous growth.
Below is the Highlights of the result
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• The Group’s total revenue for the period ended September 30, 2023, was N128 billion, compared to N96.2 billion in September 30, 2022, signifying a 33% increase.
• Operating Income grew 36% from N31.5 billion in September 2022 to N42.7 billion in September 2023.
• Total Assets increased by 8% from N442.7 billion in December 2022 to N479.8 billion in Q3 2023
• Hospitality businesses sustained strong growth, recording 31.76% growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62% from N3.4bn to N5.5bn
• Power subsidiaries’ revenue grew by 33.4 % from N73.6bn to N98.2bn despite the challenges of Gas and infrastructure in the sector, showcasing the group’s innovative and resilient business strategy.
Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, expressed enthusiasm and confidence in the Group’s performance trajectory, stating:
“Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”
“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Dr. Omogiafo.
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.