Follow Us on Google Discover
Transnational Corporation Plc (Transcorp) recorded a profit before tax of N7.64 billion in Q3 2023, representing a slight growth of 1.8% year-on-year from Q3 2022.
This is according to the group’s financial statements for the period ending September 30, 2023.
The group recorded a profit after tax of N6.63 billion in Q3 2023, a 5.6% decline year-on-year from the N7.03 billion recorded in the corresponding quarter of 2022.
However, the revenue of N45.9 billion recorded during the quarter is a 37.6% increase from the N33.36 billion recorded in Q3 2022.
Other News
The group’s nine-month results show a 33.02% revenue growth from last year, reaching N128.03 billion in the first nine months of 2023, compared to N96.25 billion in the same period of 2022.
Key Highlights Q3 2023 vs Q3 2022
Revenue: N45.90 billion, +37.6% YoY
Gross profit: N21.02 billion, +34.8% YoY
Operating profit: N12.80 billion, +15.9% YoY
Profit before tax: N7.64 billion, +1.82% YoY
Profit after tax: N6.63 billion, -5.6% YoY
Total comprehensive income for the period: N8.83 billion, +29.7% YoY
Earnings per share: N9.53, +22.2% YoY
Total assets: N479.83 billion, +8.4% YTD
Insights
The group’s year-on-year decline in PAT is attributed to the higher finance cost this quarter, which rose by 64.1% compared to the same quarter last year.
Additionally, the group saw a significant increase in operating costs, jumping from N4.55 billion in Q3 2022 to N8.22 billion in Q3 2023, marking an 80.75% year-on-year rise.
The group operates across four segments which are agro-allied (Teragro Commodities Limited), power (Transcorp Power Limited), oil and gas (Transcorp Energy Limited and Transcorp OPL 281 Limited), and hospitality (Transcorp Hotels Plc).
During the nine months ending September 30, 2023, Transcorp Power Limited was the biggest revenue contributor to the group with N98.18 billion (76.7%), followed by Transcorp Hotels Plc with N29.85 billion (23.3%). There was no revenue contribution from the other segments.
Follow Us on Google Discover
Please, is only in the news that transcorp makes profit. Our company didn’t receive dividend from transcorp