TRANSNATIONAL Corporation Plc has posted a pre-tax profit of N58.5 billion, representing a 93.5 per cent growth from the N30.4 billion.
According to the Group’s audited financial statement, it recorded revenue of N197.0 billion in 2023, marking an increase of 47.3 per cent.
The profit growth posted for 2023 mirrored the growth trajectory Transcorp Plc is currently on, as the group recorded a 336% pre-tax profit growth for the outgone FY 2022.
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.
Transnational Corporation Plc 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 were indicative of improved financial stability in the company.
Transcorp Plc holds a 76.16% shareholding in Transcorp Hotels Plc, as well as a 100% shareholding in Transcorp Power Plc.
