Transnational Corporation of Nigeria Plc (Transcorp) has shown amazing financial strength as it surpassed the $150 million revenue mark at the end of its nine-month financial period for the fiscal year 2023.
Transcorp’s revenue for the nine months ended in 2023 increased by 33%, growing from N96.24 billion in the same time of the 2022 fiscal year to N128.03 billion in the same period of the 2023 fiscal year.
The excellent revenue rise may be attributable to Transcorp’s operating segments’ strong performance, with the power unit emerging as the standout performer. The overall revenue of the electricity business grew from N73.6 billion in the ninth month of 2022 to N98.18 billion in the ninth month of 2023.
Notably, other categories, such as hospitality and the corporate center, grew rapidly, with revenues totaling N29.85 billion and N10 billion in the first nine months of 2023, respectively. This compares to N22.65 billion and N7.63 billion in sales for the same time last year.
Transcorp’s remarkable success in topline figures resulted in the group generating a profit after tax of N22.74 billion, a 19.4% increase over the N19.04 billion profit reported in the first nine months of the previous accounting year.
Transcorp is a notable Nigerian corporation with diverse assets in the hospitality, power, oil, and gas sectors. Its objective is to raise living standards, drive African development, and provide long-term value to its stockholders.
Elumelu, through his investment business HH Capital, owns 29.5 percent of Transcorp, with 11,990,957,350 ordinary shares. He is also the founder of the Tony Elumelu Foundation and the chairman of Heirs Holdings and United Bank for Africa.
Transcorp’s total assets climbed from N442.7 billion at the start of the year to N479.83 billion as of Sept. 30 as a result of its financial success in the first nine months of the current fiscal year.
Furthermore, its retained earnings increased from N54.57 billion to N67.34 billion, bolstering the company’s financial stability and growth possibilities.
