Transcorp Group Delivers Impressive Results, Posts N27.9bn Profit

Transnational Corporation of Nigeria (Transcorp) Plc, one of Nigeria’s largest conglomerates with investments in hospitality, power and oil and gas sectors has reported significant performance, across all its major investment lines, for the financial year ended December 31, 2021.

Notwithstanding the tough operating and business environment, the conglomerate saw its revenue leap improved by 48 per cent to close the year at N111.2 billion, compared with the 75.3 billion recorded at the end of 2020; while its operating income grew by 114 per cent from N18 billion in 2020, to N38.5 billion in the year under consideration.

Its audited results released on the Nigerian Exchange Limited (NGX), also showed that its profit before tax grew significantly by 1600 per cent, rising from N1.6 billion at the end of the 2020 financial year to N27.9 billion, while profit after tax which was N3.8 billion the previous year, rose by over 530 per cent to close the year at N23.9 billion.

The results showed that its shareholders’ funds also grew by 53 per cent from N95.4 billion to N146 billion in the year under review.

Commenting on the performance, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, explained that it was achieved as a result of the improved performance across all its businesses, adding that the conglomerates’ various investments in key segments of energy and hospitality had been turning in huge returns.

She said: “We are very pleased with the progress of our transformation agenda for Transcorp. We remain committed to building an institution that will delight all our stakeholders and will be here for many generations to come,” adding that the conglomerate also recorded growth in both its power and hospitality investments, with the hospitality arm showing a strong recovery from the Covid-19 pandemic, with results comparable with pre-covid era.

Speaking specifically about the consistent progress recorded in its various concerns especially its hotel business, Omogiafo, said, “The 143 per cent growth reported in the hospitality arm of the business this year, is a testament to the strong spirit of resilience, innovation, and execution within the Group.”

She added: “The additional investments we made in our power businesses, led to the increased revenue witnessed in that sector, notwithstanding some of the challenges in the sector, which are now being addressed.

“We stayed on course with our OPL281 investment and are well on the way towards the attainment of our integrated energy strategy.”

According to her, the hotel business as well as its other concerns are fully geared up to continue to churn out outstanding performance in the current year especially as the world continues to recover from the effect of the COVID-19 pandemic.

“Transcorp Group remains committed to its strategy of sustainable growth and continuous drive to deliver value, We do not plan to rest on our laurels, and we will continue to work diligently and remain well-positioned to provide significant value for our stakeholders,” Omogiafo assured its stakeholders.