Business News

Transcorp announces impressive Q3 2023 financial results

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in the Power, Hospitality, and Energy sectors has announced its financial results for the third quarter of the year that ended September 30, 2023, recording commendable growth across all its major indices.

In its unaudited results filed with the Nigerian Exchange (NGX), Transcorp reported an impressive revenue of N128 billion in Q3 2023, compared to N96.2 billion in Q3 2022, marking a substantial 33% growth year-on-year while operating income also grew by 36% to close at N42.7 billion as of September 2023, compared to N31.5 billion in September 2022.

Highlights of the result:

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.

About Transnational Corporation Plc

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.

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