Transnational Corporation of Nigeria Plc’s profit after tax rose by 41.4 per cent as of the end of the third quarter of 2022.
A statement from Transcorp on its third quarter financial report ended September 30, 2022, showed it recorded significant improvement across its major income lines.
It stated that, “Despite the extremely challenging business environment, the conglomerate with investments in the hospitality, power and oil & gas sectors, recorded impressive growth in its profit after tax which rose by 41.4 per cent to N19bn up from N13.3bn recorded the previous year in September 2021; while profit before tax grew by 47.7 per cent to N20.9bn in September 2022, higher than N14.1bn recorded in the similar period of 2021.
Operating income also grew by 14.5 per cent from N27.5bn in September 2021 to N31.5bn in September 2022, while operating expenses for the quarter ended September 2022, stood at N16bn, representing an increase of 30.9 per cent compared to N12.2bn recorded in the same period of 2021.
The results also showed that total assets increased by 1.3 per cent from N416bn in December 2021 to N421.2bn in Q3, 2022 due to the increase in inventories, prepayments and trade and other receivables which cushioned the effect of the decline in cash and cash equivalents.
Shareholders’ funds rose to N161.8bn, representing an 11 per cent year-on-year increase from N146.3bn recorded due to profitability during the period.