Transnational Corporation Plc has recorded a 21 per cent increase in gross earnings to N134.7 billion in 2022 from N111.2 billion recorded in 2021.
According to Transcorp Group, the growth was largely driven by the power and hospitality businesses. Adegunwa, the Group’s Chief Financial Officer of Transcorp Group disclosed this during the Investors and Analysts Conference Call recently.
According to Adegunwa, gross profit grew by 21 per cent to N66.4 billion in 2022 from N54.8 billion in 2021.
He said: “Despite facing inflationary pressures and adverse economic factors, the Group was able to sustain a gross profit margin of 49 per cent. The Group’s cost-to-income ratio reduced from 79 per cent in 2021 to 78 per cent in 2022, demonstrating the Group’s operating efficiencies.
“Transcorp ended the year with a profit before tax of N30.3 billion, an increase from N28 billion in 2021. This impressive performance resulted in an increase to the company’s asset base, Shareholders’ Funds, and consequently, a 150 per cent growth in dividend payment.
“Under the Elumelu leadership, Transcorp has pursued a consistent policy of prudent, rewarding shareholders with a progressive dividend policy. The Company has declared a N2 billion dividend payment for 2022.”
Source: Vanguard