Transnational Corporation Plc (Transcorp Group), a leading conglomerate with extensive investments in the Power, Hospitality, and Energy sectors, has unveiled its unaudited financial results for the third quarter, concluding on September 30, 2023.
The figures indicate a notable upsurge across key indices, reaffirming the company’s unwavering commitment to sustainable growth and value creation for its stakeholders.
The corporation reported an impressive revenue of N128 billion in Q3 2023, representing a substantial 33% growth from the N96.2 billion recorded in the corresponding period of 2022.
Operating income also witnessed a remarkable surge of 36%, soaring to N42.7 billion, compared to N31.5 billion in September 2022.
Highlights from the report further underscored the group’s robust financial performance:
- Total Assets rose by 8% from N442.7 billion in December 2022 to N479.8 billion in Q3 2023.
- Hospitality businesses demonstrated resilience, achieving a remarkable 31.76% revenue growth from N22.7 billion to N29.9 billion, surpassing pre-COVID levels. Profit also surged by 62% from N3.4 billion to N5.5 billion.
- Power subsidiaries witnessed a substantial revenue increase of 33.4%, soaring from N73.6 billion to N98.2 billion, despite grappling with challenges within the gas and infrastructure sectors. The impressive growth highlights the group’s innovative and resilient business strategy.
Dr. (Mrs) Owen D. Omogiafo OON, President/Group Chief Executive Officer of Transcorp, expressed her 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.