Nigerian tycoon Tony Elumelu’s Transcorp records 9M revenue exceeding $150 million

Transnational Corporation of Nigeria Plc (Transcorp), a publicly traded diversified conglomerate under the leadership of Nigerian businessman Tony Elumelu, has demonstrated remarkable financial strength as it soared past the $150-million revenue milestone at the end of its nine-month financial period for the 2023 fiscal year.

According to the group’s recently published financial results, Transcorp’s revenue for the nine months surged by 33 percent, rising from N96.24 billion ($120 million) in the same period of the 2022 fiscal year to N128.03 billion ($159.7 million) for the nine months ending in 2023.

The impressive revenue growth can be attributed to the robust performance across all of Transcorp’s operating segments, with the power unit emerging as the top performer. The power unit’s total revenue increased from N73.6 billion ($91.78 million) in 9M 2022 to N98.18 billion ($122.43 million) in 9M 2023.

Notably, other segments, including hospitality and the corporate center, also exhibited strong growth, generating revenues totaling N29.85 billion ($37.22 million) and N10 billion ($12.47 million), respectively, in the first nine months of 2023. This is compared to N22.65 billion ($28.24 million) and N7.63 billion ($9.52 million) in revenues for the corresponding period in the previous year.

Transcorp’s strong performance propels profit after tax to $28.35 million

Transcorp’s exceptional performance in its topline figures resulted in the group reporting a profit after tax of N22.74 billion ($28.35 million), marking a 19.4-percent increase over the N19.04 billion ($23.74 million) profit reported in the first nine months of its previous accounting year.

Transcorp is a prominent conglomerate in Nigeria, with diversified investments spanning the hospitality, power, oil, and gas sectors. Its mission revolves around elevating living standards, driving African transformation, and ensuring enduring value for its shareholders.

Elumelu, through his investment firm HH Capital, holds a 29.5-percent stake in Transcorp, with 11,990,957,350 ordinary shares in the company. He is also the chairman of Heirs Holdings, United Bank for Africa, and the founder of the Tony Elumelu Foundation.

As a result of its financial performance in the first nine months of the current fiscal year, Transcorp’s total assets increased from N442.7 billion ($552.1 million) at the beginning of the year to N479.83 billion ($598.4 million) as of Sept. 30.

Additionally, its retained earnings grew from N54.57 billion ($68.06 million) to N67.34 billion ($84 million), further solidifying its financial stability and growth prospects.