Transcorp posts net income of N34.1 billion, installed generating capacity hit 2,000 MW

Transnational Corporation has posted its unaudited financial statements for 2023, reporting a net profit of N34.09 billion, revealing a growth of 102% from the N16.84 billion net income recorded in 2022.

Transcorp financials were released a day after one of its biggest rivals in the energy market, Geregu Power – controlled billionaire magnate Femi Otedola – recorded a 58% jump in post-tax profit to N16.1 billion.

The core of the conglomerate is energy, accounting for 78% of its gross income. Its other segments include hospitality and the agro-allied industry.

Transcorp Electricity Limited and TransAfam Power Limited, the group’s key subsidiaries in the electricity sector, were the main sources of revenue. These entities collectively generated approximately N151.27 billion, constituting around 78% of the group’s overall revenue.

Tony Elumelu, who chairs Transcorp’s directors’ board, is its biggest shareholder, just as he is the chairman and top shareholder of UBA. He holds about a third of the total equity in Transcorp Nigeria.

Transcorp is the biggest utility company on the Nigerian stock market based on the capacity it has an installed generating capacity of 2,000 MW from three power plants, while Geregu has 972 MW

Compared to the N103.28 billion recorded in FY 2022, the power segment’s turnover showed a significant 46% rise in the financial year of 2023

Transcorp Hotels increased its revenue contribution, reaching N42.7 billion in revenue, or 22% of the group’s total revenue.

After reporting N4.12 billion in FY 2022, the group’s net foreign exchange losses on foreign currency borrowings increased by 140% to N9.92 billion in FY 2023.