Transnational Corporation Plc (Transcorp) has reported a significant increase in its gross profit for the year ended Dec. 31, 2023, indicating positive growth in its financial performance.
According to Mr. Tony Elumelu, Chairman Board of Directors, Transcorp, the company’s gross profit surged by 66.0 per cent to N109.1 billion, compared to N65.77 billion in the previous year. Elumelu emphasised, “The company’s profit for the year went up by 93 per cent to N32.5 billion,” highlighting a strong financial trajectory.
Meanwhile, Unilever Nigeria Plc disclosed a mixed financial performance in its annual report for the same period. While the company witnessed a decline in total assets and liabilities, it experienced an increase in gross profit and operating profit. Mrs Afolasade Olowo, Senior Counsel/Company Secretary, Unilever Nigeria, stated, “Total revenue for the year under review stood at N103.88 billion, up from N68.64 billion in the previous year, representing a growth of 51.34 per cent.”
However, Nigerian Breweries Plc announced plans to address challenges posed by the Naira devaluation and high borrowing costs. Mr. Uaboi Agbebaku, Company Secretary, Nigerian Breweries, revealed the company’s intention to raise up to N600 billion through a rights issue. Agbebaku explained, “Proceeds from the rights issue would help to reduce the huge debt burden,” reflecting the company’s strategic move towards sustainable profitability.
Addressing the significance of the rights issue, Managing Director/Chief Executive Officer, Nigerian Breweries Plc, Hans Essaadi, emphasised, “This process is part of the company’s recovery plan to sustain value for its stakeholders and return the business to profitability.” He further highlighted the company’s commitment to long-term growth and positive impact on its stakeholders.
