Home Business How We Grew Our Profit By 94% To N59b – Transcorp Group

How We Grew Our Profit By 94% To N59b – Transcorp Group

Dr. Owen Omogiafo
Dr. Owen Omogiafo

Transnational Corporation (Transcorp) Plc has achieved strong double-digit growths in key performance indicators, with pre-tax profit rising by about 94 per cent to N59 billion in 2023.

Key extracts of the audited report and accounts of Transcorp for the year ended December 31, 2023 released yesterday showed that turnover rose by 47.3 per cent to N197 billion in 2023 as against N134 billion in 2022. Profit before tax jumped by 93.5 per cent from N30.4 billion to N58.8 billion. After taxes, net profit leapt by 91 per cent to N32.6 billion in 2023 compared with N17.1 billion in 2022. Earnings per share increased from N19 to N40. Total assets also grew by 20 per cent from N442.7 billion in 2022 to N529.9 billion in 2023.

The conglomerate said the strong performance was further demonstration of its strategic focus and effective execution.

President and Group Chief Executive Officer, Transnational Corporation (Transcorp) Plc, Dr. Owen Omogiafo, said the financial results for 2023 underscore the group’s strong operational performance and its strategic initiatives.

According to her, notwithstanding the strong macroeconomic headwinds in the year, the group achieved significant growth in revenue and profits, indicating its ability to navigate a dynamic market landscape effectively.

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

She assured that Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.

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