WorldStage Newsonline– Transcorp Group has released its annual report for the year ended December 31, 2023 as Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.
In the audited results released at the Nigerian Exchange, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase.
Highlights of Transcorp group Results: FY 2023 Revenue was N197 billion, a significant increase of 47.3%, compared to 2022; Operating Expenses saw an increase of 22.6% year on year, totalling N26.9
billion in 2023, reflecting the impact of inflation; Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid; Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year; Earnings per share of the Group were N40 compared to N19 in 2022; Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.
In response to the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, said “we achieved significant growth in revenue and profits, indicating our 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.
“Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.”
