Transnational Corporation Plc (Transcorp), a prominent indigenous conglomerate with investments in power, hospitality, and oil sectors, has revealed significant growth in its H1 2023 financial results.

According to its Unaudited Condensed Consolidated Financial Statements for the period ending June 30, 2023, the company’s revenue surged by 31% to N82.1 billion compared to N62.9 billion in H1 2022.

Operating income also saw remarkable growth, increasing by 46% to N29.9 billion in June 2023 from N20.5 billion in June 2022.

Despite a 40% rise in operating expenses to N15.9 billion, Transcorp recorded a commendable 39% growth in profit before tax, reaching N18.5 billion in H1 2023 from N13.4 billion in the same period last year.

Transcorp’s total assets increased by 12%, reaching N495.3 billion, while shareholders’ funds remained robust at N176.3 billion, up from N154.8 billion in H1 2022.

Transcorp’s President/Group CEO, Owen Omogiafo, attributed the impressive results to the company’s dedication to innovation, seizing opportunities for sustainable growth, and maintaining strong performance in their power and hospitality businesses.

Omogiafo emphasized the company’s focus on efficiency, cost leadership, and meeting market demand to consistently deliver value and profitability to shareholders.