• Sunday, December 03, 2023
businessday logo


Transcorp Plc sustains growth in half-year as profit leaps by 713%

Deconstructing the Transcorp equity deal of Otedola, Elumelu

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713percent up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:

Revenue rose by 53 percent, from N35.0billion in June 2020 to N53.3billion in the period under consideration.

Gross profit grew by 60percent, from N14.7billion in June 2020 to N23.5billion in June 2021.

Profit before tax rose by 689percent from N0.9billion in June 2020 to N7.1billion in June 2021.

“We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, Transcorp’s President/Group CEO, Owen Omogiafo, said while commenting on the performance.

Read also: Flour Mills grows profit 10% in Q1 2021 amid difficult operating environment

She reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact.

Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84percent, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.

On the Group’s capacity to sustain its performance, she explained that, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”