Q3 2022: Transcorp Plc Delivers Strong Performance as PAT Leaps by 41.4%

Despite the extremely challenging business environment, the conglomerate with investments in the hospitality, power and oil & gas sectors, recorded impressive growth in its profit after tax which rose by 41.4% to N19bn up from N13.3bn recorded the previous year in September 2021; while profit before tax grew by 47.7% to ₦‎20.9 billion in September 2022, higher than ₦‎14.1 billion recorded in the similar period of 2021.

The results filed with the Nigerian Stock Exchange also showed that the Group’s total revenue rose by 12.5% from N85.6bn in September 2021, to N96.2bn in the period under consideration.

Operating Income also grew by 14.5% from N‎27.5 billion in September 2021 to N31.5 billion in September 2022, while Operating expenses for the quarter ended September 2022, stood at N‎16.0 billion, representing an increase of 30.9% compared to N‎12.2 billion recorded in the same period of 2021.

The results also showed that total assets increased by 1.3% from N‎416.0 billion in December 2021 to N‎421.2 billion in Q3 2022 due to the increase in Inventories, Prepayments and Trade and Other Receivables which cushioned the effect of the decline in Cash and Cash Equivalents, just as shareholders’ Funds rose to N‎161.8 billion, representing an 11% year-on-year increase from N‎146.3 recorded billion due to profitability during the period.

Commenting on the results, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, explained that the laudable performance this quarter was achieved as a result of the improved performance across all 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 quoted Conglomerate, with a diversified shareholder base of over 300,000.