The Transnational Corporation Plc has reported a growth in profit before Tax of 93.5% to N58.8bn in 2023, after the N30.4bn that was achieved same period in the prior year

The organization profit charts for the previous year ended December with the Nigerian Exchange Limited showing that revenue improved by 47.3 percent from N134billion to N197billion in 2022.

Operating expenses went up by 22.6 percent yearly to N26.9bn due to the country’s high inflation in 2023.

Due to interest on foreign currency loans, which the group said had been repaid, the Net finance cost increased by 46 percent to N225.6billion.

Meanwhile, the group’s profit after tax improved 91 percent yearly 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 increased by N442.7bn in 2022.

Also, Dr Owen Omogiafo, the President/Group Chief Executive Officer of Transcorp, stated, “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.”

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