conglomerate, announces its financial results for the year ended December 31, 2023. Shares of the group closed lower by 1.45% today at the Nigerian exchange in Lagos. The stock saw a huge rally last year but it has cooled significantly this year.
The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.
In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the Group's strategic focus and effective execution.
Highlights of Transcorp group Results:
FY 2023 Revenue was N197 billion, a significant increase of 47.3%, compared
to 2022.
Operating Expenses saw an increase of 22.6% year on year, totaling N26.9
billion in 2023, reflecting the impact of inflation.
Net Finance Cost increased by 46% to N22.6 billion, arising from interest on
foreign currency loans, that has now been repaid.
Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023,
compared to N30.4 billion in the same period last year.
Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared
to N17.1 billion in the same period last year.
Earnings per share of the Group were 40 Kobo compared to 19 Kobo in 2022.
Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7
billion in December 2022.