Transnational of Nigeria : CORPORATION PLC- QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Group

Company

30 June

30 June

30 June

30 June

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Note

Revenue

21

82,123,727

62,889,025

6,483,410

4,516,711

Cost of sales

22

(38,884,238)

(31,783,807)

-

-

Gross profit

43,239,489

31,105,218

6,483,410

4,516,711

Administrative expenses

25

(14,135,891)

(10,891,559)

(1,078,511)

(764,302)

Impairment (loss) on financial assets

(1,779,707)

(335,000)

-

-

Other income

23

1,963,700

723,265

1,679,225

1,289,372

Other gains /(losses) - net

-

24

658,051

(123,308)

8,893

Operating profit

29,945,642

20,478,616

7,093,017

5,041,781

Finance cost - Net

26

(6,595,365)

(6,072,562)

(2,515,916)

(1,744,514)

Foreign exchange (loss) on financing

27

activities

(4,828,827)

(1,043,939)

-

-

Profit before taxation

18,521,450

13,362,115

4,577,101

3,297,267

Taxation

16

(2,417,458)

(1,350,381)

(703,126)

(549,141)

Profit for the period

16,103,992

12,011,734

3,873,975

2,748,126

Profit attributable to:

Owners of the parent

11,058,007

5,852,428

3,873,975

2,748,126

Non controlling interest

5,045,985

6,159,306

-

-

Other comprehensive

income/(loss)

Items that will not be reclassified to profit or loss:

Net (loss)/gain on equity instruments

designated at fair value through OCI

24

2,244,405

(846)

2,244,405

(846)

Total comprehensive income for

12,010,888

the period

18,348,397

6,118,380

2,747,280

Attributable to:

Owners of the parent

13,302,412

5,851,582

6,118,380

2,747,280

Non controlling interest

5,045,985

6,159,306

-

-

Basic EPS (kobo)

28

27.20

14.40

9.53

6.76

Diluted EPS (kobo)

28

27.20

14.40

9.53

6.76

Group

Company

April - June

Apr -June

April - June

Apr -June

2023

2022

2023

2022

N'000

N'000

N'000

N'000

Revenue

49,729,885

31,499,897

5,097,260

2,213,306

Cost of sales

(20,709,448)

(15,620,075)

-

-

Gross profit

29,020,437

15,879,822

5,097,260

2,213,306

Administrative expenses

(8,230,206)

(5,675,953)

(618,957)

(228,817)

Impairment (loss) on financial assets

(1,702,085)

(200,000)

-

-

Other income

1,725,601

553,126

1,284,748

810,253

Other gains /(losses) - net

639,442

(95,517)

9,607

-

Operating profit

21,453,189

10,461,478

5,772,658

2,794,742

Finance cost - Net

(3,378,071)

(2,284,776)

(1,326,732)

(852,422)

Foreign exchange (loss) on financing activities

(2,406,425)

(540,350)

-

Profit before taxation

15,668,693

7,636,352

4,445,926

1,942,320

Taxation

(1,423,648)

(659,945)

(561,100)

(315,304)

Profit for the period

14,245,045

6,976,407

3,884,826

1,627,016

Profit attributable to:

Owners of the parent

10,009,757

3,752,747

3,884,826

1,627,016

Non controlling interest

4,235,288

3,223,660

-

-

Other comprehensive income/(loss)

Items that will not be reclassified to profit or loss:

Net (loss)/gain on equity instruments

designated at fair value through OCI

1,883,519

(120,560)

1,883,519

(120,506)

Total comprehensive income for the

6,855,847

1,506,510

period

16,128,564

5,768,345

Attributable to:

Owners of the parent

11,893,276

3,633,033

5,768,345

1,506,456

Non controlling interest

4,235,288

3,222,814

-

-

Basic EPS (kobo)

27.20

9.23

9.53

4.00

Diluted EPS (kobo)

27.20

9.23

9.53

4.00

Group

Company

30 June

31 December

30 June

31 December

2023

2022

2023

2022

Note

N'000

N'000

N'000

N'000

Assets

Non-current assets

Property, plant and equipment

5

300,489,400

288,442,355

64,264

69,457

Right of use aasets

5

404,142

231,765

203,386

231,765

Intangible assets

6

41,321,150

41,318,329

5,075,818

5,075,818

Investment property

7

3,740,000

3,740,000

3,740,000

3,740,000

Investment in subsidiaries

8

0

-

44,669,388

44,669,388

Debt and equity securities

13

7,888,908

5,278,575

5,916,710

3,672,305

Other Investment

18

1,800,450

1,800,450

400,100

400,100

Prepayments and other assets

12

79,623

21,572

79,623

21,572

355,723,673

340,833,046

60,149,289

57,880,405

Current assets

Inventories

10

1,709,596

5,419,123

-

-

Trade and other receivables

11

125,659,774

82,641,127

39,006,063

37,230,650

Prepayments and other assets

12

1,883,436

4,431,381

97,317

26,366

Cash and cash equivalents

14

10,359,267

9,378,246

705,994

740,907

139,612,073

101,869,877

39,809,374

37,997,923

Total assets

495,335,746

442,702,923

99,958,664

95,878,328

Liabilities

Current liabilities

Trade and other payables

15

178,798,689

145,998,276

8,962,218

9,958,252

Tax Payable

16

6,822,934

6,803,600

276,042

419,754

Contract Liabilities

300,970

258,284

-

-

Defined Benefit Liability

33,008

33,008

-

-

Deferred income

333,000

447,756

-

-

Borrowings (short term)

17

33,358,212

46,606,260

25,489,879

25,649,776

219,646,813

200,147,184

34,728,139

36,027,782

Non-current liabilities

Borrowings (long term)

17

69,709,298

58,039,134

13,252,667

11,958,773

Deposit for shares

19

12,935,000

12,935,000

-

-

Defined Benefit Liability

194,245

161,705

Contract Liabilities

2,101,348

2,139,555

-

-

Deferred income

1,436,921

1,544,322

-

-

Deferred tax

9

12,962,285

12,962,286

-

-

99,339,097

87,782,002

13,252,667

11,958,773

Total liabilities

318,985,910

287,929,186

47,980,806

47,986,555

Equity

Ordinary share capital

29

20,323,996

20,323,996

20,323,996

20,323,996

Share premium

29

6,249,871

6,249,871

6,249,871

6,249,871

Other reserves

28,480,735

26,236,330

3,834,818

1,590,413

Retained earnings

63,602,726

54,577,014

21,569,173

19,727,493

Equity attributable to owners of the parent

118,657,327

107,387,211

51,977,858

47,891,773

Non controlling interest

57,692,509

47,386,526

-

-

Total equity

176,349,836

154,773,737

51,977,858

47,891,773

Net equity and liabilities

495,335,746

442,702,923

99,958,664

95,878,328

Oluwatobiloba Ojediran

Owen Omogiafo

Emmanuel Nnorom

Ag Group Chief Finance Officer

President/Chief Executive Officer

Director

FRC/2020/001/00000020314

FRC/2019/IODN/00000019827

FRC/2014/ICAN/00000007402

As at 1 January 2022

20,323,996

6,249,871

26,451,986

47,602,138

100,627,991

45,664,289

146,292,280

Profit /(Loss) for the period

-

-

-

7,787,836

7,787,836

9,051,888

16,839,724

Dividend paid

-

-

-

(812,960)

(812,960)

-7,329,652

-8,142,612

Other comprehensive income

-

-

(215,656)

(215,656)

-

(215,656)

Balance at 31 December 2022

20,323,996

6,249,871

26,236,330

54,577,014

107,387,211

47,386,525

154,773,736

As at 1 January 2023

20,323,996

6,249,871

26,236,330

54,577,014

107,387,211

47,386,525

154,773,736

Profit for the period

-

-

-

11,058,007

11,058,007

5,045,985

16,103,992

Dividend paid

-

-

-

(2,032,295)

(2,032,295)

5,259,999

3,227,704

Other comprehensive income

-

-

2,244,405

-

2,244,405

-

2,244,405

Balance at 30 June 2023

20,323,996

6,249,871

28,480,735

63,602,726

118,657,328

57,692,509

176,349,837