Transcorp grows turnover by 33% in Q3

Transnational Corporation of Nigeria (Transcorp Group) Plc, recorded 33 per cent growth in sales in the third quarter as the conglomerate continued to see growths across its businesses.

Key extracts of the interim report and accounts for the period ended September 30, 2023, released at the Nigerian Exchange (NGX) showed turnover of N128 billion in third quarter 2023, compared with N96.2 billion in third quarter 2022, representing an increase of 33 per cent. Operating income also grew by 36 per cent to N42.7 billion compared with N31.5 billion.

The group’s total assets increased by eight per cent from N442.7 billion in December 2022 to N479.8 billion in September 2023.

Transcorp, a leading conglomerate, has investments in various sectors including power, hospitality, and energy sectors.

A segmental analysis showed improvements across the group. The hospitality businesses sustained strong growth, recording 31.76 per cent growth in revenue from N22.7 billion to N29.9 billion, significantly higher than pre-covid performance. Profit also grew by 62 per cent from N3.4 billion to N5.5 billion.

The power subsidiaries’ revenue grew by 33.4 per cent from N73.6 billion to N98.2 billion, a performance attributed to the group’s innovative and resilient business strategy.

President and Group Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp), Dr. Owen Omogiafo, expressed enthusiasm and confidence in the group’s performance trajectory, stating:

“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,” Omogiafo said.

Transcorp Group has a shareholder base of approximately 300,000. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.