• Friday, July 19, 2024
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Transcorp Group reports 32.3% revenue rise, total assets grow to N416 billion

Deconstructing the Transcorp equity deal of Otedola, Elumelu

Transcorp Corporation Nigeria Plc has declared N111.2 billion revenue in 2021, representing a 32.3 percent increase from N75.3 billion recorded in 2020.

Speaking on the 2021 financial performance of the group, Tony Elumelu, the chairman of the group said that the group has continued to surpass previous performance despite obvious macroeconomic difficulties.

According to the 2021 annual report & financial statements presented at its Annual General Meeting (AGM) held in Abuja on Thursday, the group’s total assets grew to N416 billion in 2021 from N319.2 billion in 2020.

Revenue of Transcorp Power Limited improved by 14 percent from N65.1 billion to N74.3 billion, accounting for about 70 percent of the group’s total revenue for the period.

While Profit before tax increased by 92 percent from N12 billion to N23.1 billion in 2021.

Profit after tax for the Group increased to N23.8 billion in 2021, from N3.8 billion in 2020.

“Our investment in Trans Afam Power Limited was also consolidated in the Group’s financials in 2021, accounting for 15 percent of revenue and 25 percent of the Group total assets as of December 2021.

“This excellent return again validated our investment and commitment to the critical sector,” Elumelu said.

Speaking on the Group’s mandate for the 2022 fiscal year, Elumelu said that the Group has plans to sustainably recover and increase the capacity of the Transcorp power-Limited to 670 MW with the return of GT15 and 16 within the first and second quarters.

On Trans Afam Power Limited, he said the group expects to ramp available capacity from an average of 116MW to 349MW through the recovery of GT 19 and 20 by the second quarter of 2022, and Afam fast three power later in the year.

Read also: Transcorp Hotels doubles revenues to N22bn, though energy costs remain huge concern

On activities of Transcorp Hotels, he said, “our focus is to enhance our innovativeness, adaptability and agility, thereby delivering dynamic and memorable experiences, while being proactive and positioned to take advantage of valuable opportunities our socio-economic environment presents.

“Several initiatives are being taken to address tax-related issues including gas quality, quantity and transportation.

He further reiterated the company’s commitment to building socially responsible and impactful businesses in key strategic economic sectors.

According to him, the group has consistently embraced and sustained its corporate culture and social commitment by driving the integration of environmental, social and governance criteria in all aspects of the business dealings and investment decisions.

In her remark, the president of the Group, Owen Omogiafo said that the Group will continue to position itself to take advantage of opportunities.

“We intend to consolidate our past performance and continue to explore new business opportunities as they arise during the course of the year.

“We will remain resolute as we ramp up existing capacity in our power businesses to take off the increasing power demand with a target to achieve a combined average generating capacity of about 966MW,” she said.