Transnational Corporation Plc (Transcorp) witnessed a substantial increase in its profit before tax, soaring by 93.5% to N58.8 billion in 2023 compared to N30.4 billion in the previous year. The firm’s financial results for the year ended December 2023, disclosed to the Nigerian Exchange Limited, revealed a remarkable 47.3% growth in revenue, reaching N197 billion from N134 billion in 2022.
Operating expenses rose by 22.6% year-on-year to N26.9 billion, attributed to the high inflation rate in Nigeria during 2023. Meanwhile, net finance costs surged by 46% to N22.6 billion, primarily due to interest on foreign currency loans that the group had repaid. Despite these challenges, Transcorp’s profit after tax surged by 91%, reaching N32.6 billion compared to N17.1 billion in 2022.
Dr. Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, commented on the results, highlighting the company’s strong operational performance and strategic initiatives. He emphasized Transcorp’s ability to achieve significant growth in revenue and profits despite facing macroeconomic headwinds.
Source: PUNCH