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Transcorp posts 102% profit growth in 2023, total assets reach N523 billion 

Transnational Corporation Plc (TRANSCORP) has posted its unaudited financial statements for 2023, reporting a net income (profit for the year) of N34.09 billion, reflecting a growth of 102% from the N16.84 billion net income recorded in 2022.  

The conglomerate, encompassing holdings in the energy sector (oil and power), real estate, and the agricultural sector, along with the parent entity of Transcorp Hotels Plc, reported a revenue of N193.98 billion for the FY 2023.

This reflects a notable 44% increase compared to the N134.72 billion recorded in FY 2022. 

The group also recorded an 18% growth in its total assets to reach N523.22 billion in FY 2023, from N442.70 billion in FY 2022.  

Key Highlights: FY 2023 (FY 2022, % Change) 

  • Revenue: N193.98 billion (N134.72 billion, +44%) 
  • Cost of sales: N87.99 billion (N68.30 billion, +29%) 
  • Gross profit: N105.98 billion (N66.42 billion, +60%) 
  • Operating profit: N80.15 billion (N46.70 billion, +72%) 
  • Profit before tax: N55.87 billion (N30.28 billion, +85%)  
  • Income tax: N21.79 billion (N13.44 billion, +62%) 
  • Profit for the year: N34.09 billion (N16.84 billion, +102%) 
  • Total comprehensive income for the year: N42.80 billion (N16.62 billion, +157%) 
  • Basic earnings per share: N0.56 (N0.19, +195%) 
  • Total assets: N523.22 billion (N442.70 billion, +18%) 
  • Cash and cash equivalent at end of the year: N12.54 billion (N5.48 billion, +129%) 

What you should know  

The primary revenue driver for the group was its power sector, comprising two subsidiaries, Transcorp Power Limited and TransAfam Power Limited. These entities collectively generated approximately N151.27 billion, constituting around 78% of the group’s overall revenue. 

In FY 2023, the turnover of the power segment exhibited a substantial 46% increase compared to the N103.28 billion recorded in FY 2022. Despite this growth, there was a marginal decline in the segment’s contribution to the group’s total revenue, dropping by 3 percentage points from 81% in 2022. 

Transcorp Hotels stepped up its contribution to revenue, as it hit revenue of N42.7 billion, representing a 22% contribution to the group’s total revenue.  

The group’s net foreign exchange losses on foreign currency borrowings in FY 2023 amounted to N9.92 billion, an increase of 140% from the N4.12 billion reported in FY 2022.  

The group is currently undergoing the construction of Transcorp Hotels Ikoyi which is expected to be a 5-star 300-room hotel situated in Ikoyi, Lagos.  


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