Transnational Corporation Plc’s (Transcorp) Q3 financial results for the period ended September 30, 2024, comparing it with the same period in 2023.
Key Financial Metrics
1. Revenue
• 2024: N297,663,724,000
• 2023: N128,026,823,000
• Change: Revenue increased significantly, suggesting strong sales growth.
2. Cost of Sales
• 2024: (N164,812,755,000)
• 2023: (N63,767,084,000)
• Change: The cost of sales also increased, but at a slower rate than revenue, which is positive.
3. Gross Profit
• 2024: N132,850,969,000
• 2023: N64,259,739,000
• Change: Gross profit more than doubled, indicating improved operational efficiency or higher margins.
4. Other Income
• 2024: N13,740,267,000
• 2023: N1,541,494,000
• Change: Significant increase in other income, contributing positively to overall profitability.
5. Other Gains - Net
• 2024: N4,419,864,000
• 2023: N702,518,000
• Change: Notable growth in other gains, indicating additional profitability from non-core activities.
6. Impairment Loss on Financial Assets
• 2024: (N5,156,201,000)
• 2023: (N508,539,000)
• Change: Increased impairment losses may indicate a higher risk environment or bad debts.
7. Administrative Expenses
• 2024: (N32,111,995,000)
• 2023: (N23,252,056,000)
• Change: Administrative expenses increased, but less than the growth in revenue and gross profit.
8. Operating Profit
• 2024: N113,742,904,000
• 2023: N42,743,156,000
• Change: Significant growth in operating profit reflects overall business strength.
9. Finance Cost - Net
• 2024: (N11,759,937,000)
• 2023: (N10,481,484,000)
• Change: Slight increase in finance costs, affecting net profit margins.
10. Foreign Exchange Gain/(Loss) on Financing Activities
• 2024: N3,502,378,000
• 2023: (N6,098,947,000)
• Change: The turnaround from a loss in 2023 to a gain in 2024 is a positive sign, indicating better currency management.
11. Profit Before Taxation
• 2024: N105,485,345,000
• 2023: N26,162,725,000
• Change: Profits before tax increased significantly, indicating strong operational performance.
12. Taxation
• 2024: (N29,576,561,000)
• 2023: (N3,424,236,000)
• Change: Higher tax expense reflects increased profitability.
13. Profit for the Period
• 2024: N75,908,784,000
• 2023: N22,738,489,000
• Change: Substantial increase in net profit, highlighting overall growth.
14. Profit Attributable To:
• Owners of the Parent:
• 2024: N44,874,790,000
• 2023: N14,798,600,000
• Non-controlling Interest:
• 2024: N31,033,994,000
• 2023: N7,939,889,000
15. Other Comprehensive Income
• Items That Will Not Be Reclassified to Profit or Loss:
• Net Gain on Equity Instruments: N1,277,081,000
• Total Comprehensive Income for the Period:
• 2024: N77,185,865,000
• 2023: N22,738,489,000
16. Attributable To:
• Owners of the Parent:
• 2024: N46,151,871,000
• 2023: N14,798,600,000
• Non-controlling Interest:
• 2024: N31,033,994,000
• 2023: N7,939,889,000
17. Earnings Per Share (EPS)
• Basic EPS:
• 2024: 110.40 kobo
• 2023: 36.41 kobo
• Diluted EPS:
• 2024: 110.40 kobo
• 2023: 36.41 kobo
Summary
Transcorp has shown strong growth in its Q3 2024 results, with significant increases in revenue, gross profit, and net profit compared to Q3 2023. The company’s ability to manage costs and generate additional income streams has contributed to this robust performance. The increase in other income and foreign exchange gains highlights effective financial management, while the rise in taxation reflects increased profitability. Overall, the results indicate a positive outlook for Transcorp moving forward.
Key Financial Metrics
1. Revenue
• 2024: N297,663,724,000
• 2023: N128,026,823,000
• Change: Revenue increased significantly, suggesting strong sales growth.
2. Cost of Sales
• 2024: (N164,812,755,000)
• 2023: (N63,767,084,000)
• Change: The cost of sales also increased, but at a slower rate than revenue, which is positive.
3. Gross Profit
• 2024: N132,850,969,000
• 2023: N64,259,739,000
• Change: Gross profit more than doubled, indicating improved operational efficiency or higher margins.
4. Other Income
• 2024: N13,740,267,000
• 2023: N1,541,494,000
• Change: Significant increase in other income, contributing positively to overall profitability.
5. Other Gains - Net
• 2024: N4,419,864,000
• 2023: N702,518,000
• Change: Notable growth in other gains, indicating additional profitability from non-core activities.
6. Impairment Loss on Financial Assets
• 2024: (N5,156,201,000)
• 2023: (N508,539,000)
• Change: Increased impairment losses may indicate a higher risk environment or bad debts.
7. Administrative Expenses
• 2024: (N32,111,995,000)
• 2023: (N23,252,056,000)
• Change: Administrative expenses increased, but less than the growth in revenue and gross profit.
8. Operating Profit
• 2024: N113,742,904,000
• 2023: N42,743,156,000
• Change: Significant growth in operating profit reflects overall business strength.
9. Finance Cost - Net
• 2024: (N11,759,937,000)
• 2023: (N10,481,484,000)
• Change: Slight increase in finance costs, affecting net profit margins.
10. Foreign Exchange Gain/(Loss) on Financing Activities
• 2024: N3,502,378,000
• 2023: (N6,098,947,000)
• Change: The turnaround from a loss in 2023 to a gain in 2024 is a positive sign, indicating better currency management.
11. Profit Before Taxation
• 2024: N105,485,345,000
• 2023: N26,162,725,000
• Change: Profits before tax increased significantly, indicating strong operational performance.
12. Taxation
• 2024: (N29,576,561,000)
• 2023: (N3,424,236,000)
• Change: Higher tax expense reflects increased profitability.
13. Profit for the Period
• 2024: N75,908,784,000
• 2023: N22,738,489,000
• Change: Substantial increase in net profit, highlighting overall growth.
14. Profit Attributable To:
• Owners of the Parent:
• 2024: N44,874,790,000
• 2023: N14,798,600,000
• Non-controlling Interest:
• 2024: N31,033,994,000
• 2023: N7,939,889,000
15. Other Comprehensive Income
• Items That Will Not Be Reclassified to Profit or Loss:
• Net Gain on Equity Instruments: N1,277,081,000
• Total Comprehensive Income for the Period:
• 2024: N77,185,865,000
• 2023: N22,738,489,000
16. Attributable To:
• Owners of the Parent:
• 2024: N46,151,871,000
• 2023: N14,798,600,000
• Non-controlling Interest:
• 2024: N31,033,994,000
• 2023: N7,939,889,000
17. Earnings Per Share (EPS)
• Basic EPS:
• 2024: 110.40 kobo
• 2023: 36.41 kobo
• Diluted EPS:
• 2024: 110.40 kobo
• 2023: 36.41 kobo
Summary
Transcorp has shown strong growth in its Q3 2024 results, with significant increases in revenue, gross profit, and net profit compared to Q3 2023. The company’s ability to manage costs and generate additional income streams has contributed to this robust performance. The increase in other income and foreign exchange gains highlights effective financial management, while the rise in taxation reflects increased profitability. Overall, the results indicate a positive outlook for Transcorp moving forward.