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.”
Business
Oil Rises As US Rejects Iran Proposal
Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.
Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.
Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.
Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.
In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.
Business
NGX Debuts Invest WhatsApp Channel
The channel provides investors with an additional, convenient way to participate in public offers.
Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.
The channel provides investors with an additional, convenient way to participate in public offers.
Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.
They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.
As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.
(VANGUARD)
Business
SEC Highlights Focus of National Capital Market Conference 2026
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.
The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.
In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.
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