Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has announced an impressive 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023. This remarkable achievement was made known at the company’s 18th Annual General Meeting (AGM) held on May 27, 2024, at the Transcorp Hilton Hotel, Abuja., OBSERVERSTIMES report .
TRANSCORP AGM 1 AND 3 AND 4: : President/GCEO, Dr Owen D. Omogiafo, OON with Chairman, Tony O. Elumelu, CFR at the 18th Annual General Meeting of Transnational Corporation(TRANSCORP) Plc held at Transcorp Hilton Abuja on May 27, 2024.
The company’s outstanding financial results were driven by successful execution across all business lines, demonstrating its ability to deliver value to all its stakeholders, including shareholders. Key highlights of the results include:
– Total assets growth of 20% from N422.7 billion in 2022 to N529.9 billion in 2023
– Profit Before Tax (PBT) increase of 94% from N30.3 billion in 2022 to N58.8 billion in 2023
– Profit After Tax (PAT) growth of 93% from N16.8 billion to N32.5 billion
TRANSCORP AGM 2: l-r: Independent Non-Executive Director, Victor Famuyibo; Non-Executive Director, Dr Toyin Sanni; Non-Executive Director, Emmanuel Nnorom; President/GCEO, Dr Owen D. Omogiafo, OON; Chairman, Tony O. Elumelu, CFR; Vice Chairman Dr Foluke Abdulrazaq, OON; Non-Executive Director, Dr Stanley Lawson; and Independent Non-Executive Director, Mallam Ahmadu Sambo at the 18th Annual General Meeting of Transnational Corporation Plc held at Transcorp Hilton Abuja on May 27, 2024.
The company’s power subsidiaries, Transcorp Power Plc and Transafam Power Ltd, achieved significant growth, with a profit increase of 63% from N17.7 billion in 2022 to N28.9 billion in 2023. The hospitality business also recorded a remarkable performance, with a profit increase of 105% from N4.6 billion in 2022 to N9.5 billion in 2023.
President/Group CEO, Dr. Owen D. Omogiafo, emphasized the company’s strategic growth plans, including the launch of a multipurpose event center at the Transcorp Hilton Abuja and the ambition to increase available power generation capacity.
Group Chairman, Tony O. Elumelu, CFR, commended the company’s sustained success, attributing it to its commitment to corporate governance, improving lives, and transforming communities. He also called on the Federal Government to prioritize the challenges in the power sector to drive national economic transformation.
AGM 5: Non-Executive Director, Dr Toyin Sanni; President/GCEO, Dr Owen D. Omogiafo, OON; Chairman, Tony O. Elumelu, CFR; and Vice Chairman Dr Foluke Abdulrazaq, OON at the 18th Annual General Meeting of Transnational Corporation Plc held at Transcorp Hilton Abuja on May 27, 2024.
Shareholders approved a dividend of 10 kobo, a 100% increase over the previous year, marking the 10th consecutive year of consistent dividend payment by Transcorp Group.
Transcorp Group is a leading African conglomerate with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.