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Transcorp’s revenue rises to N135bn


transcorp-Transnational Corporation Plc has said its revenue rose to N135tn as of the end of the 2022 financial period.

A statement on Wednesday said this was disclosed at its 17th Annual General Meeting which was held virtually.

The Group Chairman, Tony Elumelu, noted that the Group recorded significant improvements across all key financial and non-financial parameters in 2022.

‘The Group’s gross earnings increased to N134.7bn and profit before tax to N30.2bn,” Elumelu said.

The conglomerate also declared a dividend of 5k per share, a 150 per cent increase over the previous year’s dividend.

It stated that Transcorp continued to achieve its growth strategy, with a seven per cent increase in the Group’s total assets, growing to N442.7bn in 2022.

The company’s power business increased its available and generated capacity from 598MW and 373MW, to 720MW and 426MW, respectively, following significant investment and rehabilitation of its generating assets.

Similarly, the Transcorp hospitality business achieved an average occupancy rate of 79 per cent, with profit increasing by 172 per cent to N4.5bn in 2022, from N1.7bn in the previous year, while revenue grew by 47 per cent to N31.4bn, from N21.4bn in 2021.

Profit after tax for the Group declined from N23.8bn to N16.8bn, as a result of the provision of N7bn for deferred tax and exceptional income of N4.5bn recognised in 2021, derived from the consolidation of Transafam Power Limited.

Commenting on the Group’s performance, Elumelu said, “2022 proved to be another strong year for Transcorp, we continued to optimise and expand our portfolio of investments, amid a challenging operating and economic environment.

“The impact of our long-term investment approach is beginning to be appreciated by the market, with a growth in share price from N0.96 in January 2022 to N2.69 as of the close of market yesterday, April 26, 2023.

“And we continue to deliver to investors, with a dividend of N2bn being paid to shareholders, representing a 150 per cent increase over the 2021 payment.”

He noted that 2022 was the fifth consecutive year of unbroken dividends payment by Transcorp since the Elumelu-led team assumed leadership of the conglomerate.

Prior to the change in ownership and management in 2011, Transcorp had operated since inception without dividends to its shareholders, the statement said.

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