Transnational Corporation of Nigeria (Transcorp) Plc has released its results for the third quarter year ended September 30, 2022, recording significant improvement across its major income lines.
Despite the extremely challenging business environment, the conglomerate with investments in the hospitality, power and oil and gas sectors, recorded impressive growth in its profit after tax which rose by 41.4 per cent to N19bn up from N13.3billion recorded the previous year in September 2021; while profit before tax grew by 47.7 per cent to N20.9 billion in September 2022, higher than N14.1 billion recorded in the similar period of 2021.
The results filed with the Nigerian Stock Exchange also showed that the group’s total revenue rose by 12.5 per cent from N85.6billion in September 2021, to N96.2billion in the period under consideration.
Operating income also grew by 14.5 per cent from N27.5 billion in September 2021 to N31.5 billion in September 2022, while operating expenses for the quarter ended September 2022, stood at N16.0 billion, representing an increase of 30.9 per cent compared to N12.2 billion recorded in the same period of 2021.
The results also showed that total assets increased by 1.3 per cent from N416.0 billion in December 2021 to N421.2 billion in Q3 2022 due to the increase in inventories, prepayments, trade and other receivables which cushioned the effect of the decline in cash and cash equivalents, just as shareholders’ Funds rose to N161.8 billion, representing an 11 per cent year-on-year increase from N146.3 recorded billion due to profitability during the period.
 Plc has released its results for the third quarter year ended September 30, 2022, recording){kind=link}