Transcorp’s half-year revenue jumps by N19.2bn despite FX volatility

By Abubakar Yunusa

Transcorp Group, says it recorded a 46 percent growth in revenue for the first half (H1) of the financial year which ended June 30, 2023.

Trancorp Group is one of Nigeria’s leading conglomerate with investments in power, hospitality and energy sectors.

In a statement on Sunday, the organisation said its revenue rose from N62.9 billion in H1 2022, to N82.1 billion in the first six months of the current year.

The half-year performance represents a substantial 31 percent (N19.2 billion) growth year-on-year.

Transcorp Group said its operating income also grew by 46 percent to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

In its financial report filed with the Nigerian Exchange (NGX), the company said it reported a 39 percent growth in profit before tax to N18.5 billion in 2023, compared to N13.4 billion reported in the previous year.

Commenting on the company’s financial results for the period, Owen Omogiafo, president and group chief executive officer (CEO), said the organisation, through the challenging operating environment characterised by foreign exchange volatility, gas supply constraints, rising inflation, amongst others; sustained growth and improvement.

“The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblaser in the Nigerian business realm,” Omogiaf0 said.

“In spite, of the challenging environment, our power businesses — Transcorp Power Limited and Transafam Power Limited — have sustained revenue growth increase by 32 percent and 30 percent respectively while our hospitality continues to outperform across all indices.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”