Transcorp Plc Grows Profit by 102% to N34bn
Transcorp Corp Plc posted a significant surge in earnings following a spike in revenue generated by the group in 2023. In its unaudited financial statement filed with the Nigerian Exchange, the investment company reported that its revenue climbed 44% to about N194 billion from N134.721 billion in the comparable year in 2022.
Its costs of sales also spiked amidst the accelerating headline inflation rate in Nigeria. Details showed that costs of sales printed much higher at N87.991 billion in 2023, up by more than 18% year on year from N68.3 billion in 2022.
Following its overhead charges, operating income came higher by more than 71% to settle at N80 billion in financial year 2023 from N46.7 billion 12 months earlier.
Pre-tax profit spiked by about 85% to N55.87 billion in 2023 from N30.276 billion in 2022. With a tax expense provision of N21.786 billion, the company’s net income grew more than 102% to N34.087 billion from N16.839 billion in 2022.
Data from the Nigerian stock market showed that the company stock was down by 1.44% to N12.96 during the intraday trading session as investors’ sentiment dropped. #Transcorp Plc Grows Profit by 102% to N34bn Naira Steadies as Banks Issue Update on FX Purchase