The robust performance saw operating expenses rise by 22.6% to N26.9 billion, while net finance costs increased by 46% to N22.6 billion. Profit before tax surged by 93.5% to N58.8 billion, with profit after tax improving by 91% to N32.6 billion in 2023. Earnings per share also showed significant growth, reaching N40 compared to N19 in the previous year.
Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, praised the results as a testament to the Group's operational strength and strategic initiatives, emphasizing their commitment to sustainable growth and value creation for shareholders amidst challenging market conditions.
"The financial results for 2023 underscore our Group's strong operational performance and the results of our strategic initiatives. Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively. Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders."
Transcorp's investments in the power, hospitality, and energy sectors continue to drive its transformation agenda, with a focus on improving lives and transforming Africa. The Group's power businesses provide a substantial portion of Nigeria's installed capacity, while its hospitality arm owns the renowned Transcorp Hilton Abuja and recently launched the digital platform Aura by Transcorp Hotels.
The impressive financial performance underscores Transcorp's resilience and strategic acumen in navigating a dynamic market landscape, positioning the Group for continued growth and value creation in the future.
