Transcorp Group revenue hits N135bn, profit grows to N30.2bn

Transnational Corporation Plc (Transcorp), Nigeria’s largest listed conglomerate held its 17th Annual General Meeting (AGM) and declared a dividend of 5k per share, a 150% increase over the previous year’s dividend.

Transcorp, which has nearly 300,000 shareholders, made history as it held its AGM virtually, making it the first public company in Nigeria to do so, following the signing into law of the Business Facilitation Act (BFA), by the President of Nigeria.

Transcorp continued to deliver on its year-on-year growth strategy, with a 7% increase in the Group’s total assets, growing to N442.7billion 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 demonstrated its growth trajectory, achieving a record average occupancy rate of 79%, with profit increasing by 172% to N4.5 billion in 2022, from N1.7 billion in the previous year, while revenue grew by 47% to N31.4 billion, from N21.4 billion in 2021. Profit after tax for the Group declined from N23.8 billion to N16.8 billion, as a result of the provision of N7 billion for deferred tax and exceptional income of N4.5 billion recognised in 2021, derived from the consolidation of Transafam Power Limited.