Transnational Corporation Plc (Transcorp) said on Wednesday that its gross profit for the year ended on December 31, 2023, stood at N109.1 billion.

The figure represented a 66.0 per cent growth, compared to N65.77 billion recorded in the same period of 2022.

This was disclosed in the company’s audited financial statement for the year ended December 31, 2023, sent to the Nigerian Exchange Ltd (NGX) in Lagos.

The statement was signed by Tony Elumelu, chairman of Transcorp’s board of directors, its acting chief finance officer, Olumuyiwa Awe, and president Owen Omogiafo.

Mr Elumelu said the company’s profit for the year went up by 93 per cent to N32.5 billion in the year ending 2023, from N16.84 billion recorded in 2022.

The chairman stated that the group’s operating profit, which opened at N46.57 billion, also rose 75 per cent to N81.4 billion in 2023.

He said the group generated N197.0 billion in revenue for the year under review, indicating an increase of 47.3 per cent, compared to N133.7 billion posted in the same period of 2022.

According to him, Transcorp’s profit before tax for the year under review stood at N58.8 billion, compared to N30.4 billion posted in the previous year.

However, he disclosed that the group recorded a N8.7 billion net foreign exchange loss on foreign currency borrowings, a 110 per cent increase from the N4.1 billion posted in 2022.

The major driver of the group’s revenue during the year was its power subsidiary, Transcorp Power, which recorded a revenue of N156 billion.

Also, Transcorp Hotels, the group’s hospitality subsidiary, generated N42 billion in revenue.

(NAN)