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Transcorp group records remarkable 94% profit surge, hits N59 billion in 2023



Transcorp group records remarkable 94% profit surge, hits N59 billion in 2023


Transnational Corporation (Transcorp) Plc has marked a significant milestone with a remarkable 94% surge in profit, reaching a staggering N59 billion in the fiscal year 2023. The conglomerate showcased robust double-digit growth across key performance indicators, demonstrating its resilience and strategic prowess amidst challenging market conditions.

Key highlights from the audited report and accounts of Transcorp for the year ended December 31, 2023, unveiled a substantial increase in turnover, soaring by 47.3% to N197 billion compared to N134 billion in 2022. Profit before tax witnessed an impressive surge of 93.5%, catapulting from N30.4 billion to N58.8 billion, while net profit surged by 91% to N32.6 billion in 2023, up from N17.1 billion in the previous year. Earnings per share also experienced a substantial rise from N19 to N40. Additionally, total assets witnessed a commendable growth of 20%, ascending from N442.7 billion in 2022 to N529.9 billion in 2023.

Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation (Transcorp) Plc, attributed the stellar financial performance to the conglomerate’s unwavering strategic focus and effective execution.

Despite facing significant macroeconomic challenges throughout the year, the group demonstrated resilience and agility in navigating the dynamic market landscape, achieving notable growth in revenue and profits.

Omogiafo emphasized the group’s unwavering commitment to sustainable growth, enhanced operational efficiency, and value maximization for shareholders. She reiterated Transcorp’s dedication to its transformation agenda, underscoring its relentless pursuit of long-term value creation.

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

As Transcorp continues its journey of transformation and growth, the conglomerate remains poised to leverage its strategic initiatives and operational excellence to further strengthen its position as a leading player in Nigeria’s corporate landscape. With a steadfast commitment to driving value and delivering sustainable returns, Transcorp is well-positioned to capitalize on emerging opportunities and navigate future challenges effectively.

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