Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, announced a 57% increase in revenue from N90.3 billion in 2022 to N142.1 billion in 2023 during its 18th Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja.
The company’s impressive financial performance was attributed to successful execution across all business lines, underscoring Transcorp Group’s commitment to delivering value to its stakeholders. Key highlights from the AGM included a 20% growth in total assets, which rose from N422.7 billion in 2022 to N529.9 billion in 2023. Profit Before Tax (PBT) saw a significant increase from N30.3 billion in 2022 to N58.8 billion in 2023, while Profit After Tax (PAT) doubled from N16.8 billion to N32.5 billion. These gains were bolstered by strong performances from subsidiaries such as Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.
Transcorp’s power subsidiaries achieved notable growth, with profits rising by 63% from N17.7 billion in 2022 to N28.9 billion in 2023. These subsidiaries, along with the strategic investment in OPL281, form the core of Transcorp’s integrated energy strategy, contributing over 20% of Nigeria’s installed power capacity. Additionally, the Group expanded into the power distribution sector through its investment in Abuja Electricity Distribution Plc.
In the hospitality sector, Transcorp Hotels Plc reported a record average occupancy rate of 81%, with profits increasing by 105% from N4.6 billion in 2022 to N9.5 billion in 2023. Revenue in this sector also grew by 36%, from N30.4 billion to N41.5 billion.
Dr. Owen D. Omogiafo, OON, President/Group CEO of Transcorp Group, emphasized the Group’s strategic growth plans, including the launch of a 5,000-capacity event center at the Transcorp Hilton Abuja. “The reward for success is more work, and across our Group, we are not relenting. We are focused on maximizing our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth,” she stated.
Group Chairman, Tony O. Elumelu, CFR, highlighted the Group’s ability to deliver substantial value despite macro-economic challenges. “Transcorp Group has not only recorded unprecedented growth, but it has also demonstrated its potential to deliver much more value to stakeholders and our country,” Elumelu remarked, urging the Federal Government to prioritize issues in the power sector to enable private sector growth.
Shareholders at the AGM approved a dividend of 10 kobo per share, representing a 100% increase over the previous year. This marks the 10th consecutive year of consistent dividend payments by Transcorp Group. Shareholders also praised the Group’s strong corporate governance, shareholder value growth, and commitment to social responsibility and sustainability.
Transnational Corporation Plc (Transcorp Group) is a leading African conglomerate with investments in power, hospitality, and energy sectors. The Group’s power businesses, Transcorp Power Plc and Transafam Power, contribute significantly to Nigeria’s power capacity, while its hospitality business, Transcorp Hotels Plc, includes the iconic Transcorp Hilton Abuja. Transcorp is dedicated to developing Nigeria’s domestic energy value chain and improving lives across Africa. For more information, visit www.transcorpgroup.com.
Transcorp Group N142 Billion Revenue, N58.8 Billion PBT, Celebrates 10 Years of Unbroken Dividend Payments At 18th AGM
