In the Financial Year of 2023, Transnational Corporation Plc reported a pre-tax profit of N58.5 billion, a 93.5% increase over the N30.4 billion reported in 2022.
The firm reported sales of N197.0 billion in 2023, up 47.3% from N133.7 billion in 2022, according to its audited financial statement.
Transcorp Plc’s 2023 profit growth is consistent with its present growth trajectory, as seen by its 2022 pre-tax profit increase of 336%.
In 2023, the primary drivers of the group’s revenue still remained the Power company, Transcorp Power, which recorded a revenue of N155.5 billion, and the hospitality sector, represented by Transcorp Hotels, which generated approximately N41.5 billion in revenue.
During the year, the group recorded net FX losses of N8.7 billion on foreign currency borrowings, representing a 110% increase from the N4.1 billion posted in 2022.
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Key Highlights (FY 2023 vs FY 2022)
Revenue: N197.0 billion, +47.3% YoY
Cost of sales: N87.8 billion, +29.3% YoY
Gross profit: N109.1 billion, +66.0% YoY
Operating profit: N81.4 billion, +74.9% YoY
Profit before tax: N58.8 billion, +93.5% YoY
Profit for the year: N32.5 billion, +92.8% YoY
Total assets: N529.9 billion, +19.7% YoY
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Transnational Corporation Plc in 2024 is one of the best performing stocks in the NGX, with a year-to-date return of 61.7%. The group’s market capitalization has also increased by N217.1 billion in 2023, reaching N569.1 billion, up from N352.0 billion it started the year with.
In 2023, Transcorp saw its net profit margin (NPM) climb to 16.5%, reflecting a notable increase of 3.9 percentage points compared to the previous year’s figure of 12.6%.
Concurrently, the group’s equity multiplier witnessed a slight decrease, shifting from 2.86 in 2022 to 2.83 in 2023. Figures that are indicative of improved financial stability in the company in 2023.
Transcorp Plc holds a 76.16% shareholding in Transcorp Hotels Plc, as well as a 100% shareholding in Transcorp Power Plc.
