Transcorp has reported a 33 per cent profit growth to N128bn for the period ended September 30, 2023, compared to N96.2bn recorded at the end of the same period in 2022.
This was revealed in its unaudited financial results for the third quarter of the year ended September 30, 2023, filed with the Nigerian Exchange Limited.
The corporation also reported a 36 per cent growth in its operating income which rose to N42.7bn as of September 2023, compared to N31.5 billion in September 2022.
Similarly, its total assets increased by 8 per cent from N442.7bn in December 2022 to N479.8bn in Q3 2023.
Its hospitality businesses sustained strong growth, recording 31.76 per cent growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62 per cent from N3.4bn to N5.5bn, while its power subsidiaries’ revenue grew by 33.4 per cent 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. Owen Omogiafo, said, “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.”
Transnational Corporation Plc has a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors.
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