Transnational Corporation Plc grew its profit before tax by 93.5 per cent to N58.8bn in 2023 from N30.4bn in the same period in the previous year.

The firm’s financial results for the year ended December 2023 filed with the Nigerian Exchange Limited showed that revenue improved by 47.3 per cent to N197bn from N134bn in 2022.

Operating expenses went up by 22.6 per cent year-on-year to N26.9bn due to the country’s high inflation in 2023.

Net finance cost increased by 46 per cent to N22.6bn, due to interest on foreign currency loans, which the group said had been repaid.

On a positive note, the group’s profit after tax improved 91 per cent year-on-year to N32.6bn, compared to N17.1bn in 2022.

Earnings per share appreciated to N40 compared to N19 in 2022, just as total assets grew by 20 per cent to N529.9bn in 2023.

Transcorp’s total assets stood at N442.7bn in 2022.

Commenting on the results, President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, said, “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 centred on achieving sustainable growth, enhanced operational and technical efficiency, and maximising value for shareholders.”

Transnational Corporation Plc has strategic investments in the power, hospitality, and energy sectors.

One of the energy firms under the group, Transcorp Power was recently listed on the exchange.