Tony Elumelu's Transcorp profit hits N82.1 billion in first half of 2023, despite Otedola's exit

Transnational Corporation Plc has announced its financial results for the year's first half, ending June 30, 2023, recording impressive growth.

Transcorp earned revenue of N82.1 billion in the first half of 2023, compared to N62.9 billion in the same period of 2022, representing a 31% growth year on year, while operating income also spiked by 46% to close at N29.billion as of June 2023, compared to N20.5 billion in June 2022.

Company's interest declines

Operating expenses for the period ended June 30, 2023, were N15.9 billion, an increase of 40% compared to N11.3 billion in the corresponding year.

According to its financials filed with the Nigerian Exchange, the conglomerate reported a 39% profit before tax of N18.5 billion in the first six months of 2023, from N13.4 billion in the half year of 2022.

The company's interest costs declined 9% to N6.6 billion in 2023 from N6.1 billion in June 2023 to N6.1 billion in the same review period.

The company continues to maintain a strong balance sheet, with total assets increasing to N49.3 billion, representing a 12% increase over the N44.27 billion recorded at the end of June last year, due to rising debt and equity securities and trade and other receivables, thus cushioning the effect of the decline in inventories.

Transcorp's shareholder pool rises as it spreads into other areas

Reports say the company's holder's funds remained very robust at N176.3 billion, an increase from N154.8 billion recorded in the same period in 2022, further reinforcing its commitment to delivering long-term value to its stakeholders.

The company's President and Group Chief Executive Officer, Owen Omogiafo, stated that the corporation continues to sustain growth and improvement, displaying resilience despite a challenging operating environment caused by foreign exchange volatility, gas supply constraints, and inflation.

Transcorp is a publicly quoted company with a shareholder base of 300,000. Its diverse portfolio includes investments in power, hospitality, and energy. It owns Transcorp Hilton Abuja, Transcorp Hotels, Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.