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Transcorp Plc grows profit by 21.25% to N66.42bn



Transnational Corporation (Transcorp) Plc’s has disclosed that its operating profit grew by N11.64 billion or 21.25 per cent, as it closed last year with N66.42 billion.

The year before, the firm reported N54.77 billion operating profit.

But it’s profit after tax suffered a 29.33 per cent decline in 2022, which represents N6.99 billion drop in the bottom line of the Tony Elumelu-led company.

Ripples Nigeria learnt about the fall in the net profit from Transcorp’s consolidated and separate financial statements for the year ended December 31, 2022.

READ ALSO:Transcorp, Fidelity among top equities as Nigeria’s stock market closes trading with N29.9tr

Transcorp’s profit after tax dropped to N16.83 billion last year, as the management failed to surpass the N23.83 billion net profit that it recorded in 2021.

Though the bottom line of Transcorp declined, however, the firm, which has investment in and operates portfolio of companies in hospitality, energy, agriculture, oil and gas sectors, grew revenue by 21.13 per cent.

According to the financial statement, turnover during the year in review was N134.72 billion, improving on the N111.21 billion generated by the diversified company in 2021.

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