Transnational Corporation of Nigeria (Transcorp) Plc has released its third-quarter results for the fiscal year ending September 30, 2022, showing significant improvement across its major income lines.
Despite the extremely challenging business environment, the conglomerate with investments in the hospitality, power, and oil and gas sectors recorded impressive growth in its profit after tax, which rose by 41.4% to N19bn in September 2022, up from N13.3bn the previous year in September 2021. Profit before tax grew by 47.7% to 20.9 billion in September 2022, up from 14.1 billion in the same period in 2021.
According to the results filed with the Nigerian Stock Exchange, the Group’s total revenue increased by 12.5% from N85.6 billion in September 2021 to N96.2 billion in the period under consideration.
Operating income increased by 14.5% from N 27.5 billion in September 2021 to N31.5 billion in September 2022, while operating expenses for the quarter ended September 2022 were N 16.0 billion, a 30.9% increase from N 12.2 billion in the same period in 2021.
Total assets increased by 1.3% from N 416.0 billion in December 2021 to N 421.2 billion in Q3 2022 due to an increase in Inventories, Prepayments, and Trade and Other Receivables, which offset the effect of the decline in Cash and Cash Equivalents, while shareholders’ Funds increased to N 161.8 billion, representing an 11% year-on-year increase from N 146.3 billion due to profitability during the period.
Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, commented on the results, explaining that the laudable performance this quarter resulted from improved performance across all of our businesses.
She said;
Despite the challenging operating environment, characterised by gas supply constraints, foreign exchange volatility and rising inflation, amongst others, the group improved profitability and performance during the period. Our hospitality business has sustained its strong growth trajectory, outperforming all indices. Our business model remains robust, thanks to the prudent and adaptive strategy we have taken across our operations.
While expressing confidence in the company’s capacity to deliver even better results in the last quarter of the financial year, she said, “We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”
Transnational Corporation Plc (Transcorp Group) is a publicly traded conglomerate with over 300,000 diverse shareholders. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy are among our companies.
