Business
Transcorp Group Posts Strong Performance with N82.1bn revenue in H1 2023
Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen Omogiafo, says that in spite of the challenging business environment in Nigeria, the Group, posted sustained growth in its financials for the first half of the year ended June 30, 2023, across all its business interests- Power, Hospitality and Energy sectors.
In its financial report filed with the Nigerian Exchange (NGX), the Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022.
This represents a substantial 31percent growth year-on-year.
Also, the Group’s operating income grew by 46 percent from N20.5 billion in June 2022 to N29.9 billion in June 2023.
However, operating expenses for the period ended June 30, was N15.9 billion, an increase of 40 percent compared to N11.3 billion of the corresponding previous year.
Further, Transcorp reported an 39 percent growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022.
Interest cost declined by 9 percent to N6.6 billion in June 2023 from N6.1 billion in the same period under review.
Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12 percent increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61percent) and Trade and Other Receivables (+40 percent) which cushioned the effect of the decline in Inventories (+68 percent).
Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022.
Dr.Omogiafo attributed the impressive performances to
” our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.
“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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