• Friday, March 29, 2024
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Transcorp’s half-year profit surges 90% to N13.3bn

Deconstructing the Transcorp equity deal of Otedola, Elumelu

Transnational Corporation Plc has said its profit before tax grew by 90 percent in the half-year ended June 30, 2022 to N13.3 billion from N7.1 billion in the same period last year.

The conglomerate with strategic investments in power, hospitality and oil and gas said its half-year results showed improved performance across all its major investment lines.

It reported revenue of N62.9 billion, representing a growth of 18 percent when compared to N53.3 billion recorded in the same period under review in 2021.

Its operating income grew by 25 percent to N20.5 billion in the first half of 2022 from N16.3 billion in the same period last year.

Its half-year unaudited results released to the Nigerian Stock Exchange also showed that its profit after tax stood at N12 billion, representing an 85 percent increase from N6.5 billion in the previous year.

The group’s shareholders’ funds also grew by 8 percent from N146.3 billion to N157.5 billion in the same period.

Owen Omogiafo, Transcorp’s president/group CEO, attributed the group’s continued strong performance to growth in its power and hospitality businesses, which continued excellently despite the challenging operating environment.

She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns.

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“We position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations.”

Omogiafo added: “Our hospitality arm, Transcorp Hotels Plc, recorded a revenue growth of 173 percent over the same period last year, demonstrating a strong and sustained recovery from the impact of the COVID-19 pandemic, leveraging innovative strategies and superior customer experience.

“In our power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21 percent (100MW) over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining our integrated energy strategy, and increasing returns for all stakeholders.”

According to her, Transcorp Group is fully geared up to sustain its growth trajectory for the rest of the year and beyond, notwithstanding the macro-economic issues. “We do not plan to rest on our laurels, and we will continue to surpass past performance” she assured stakeholders.

Transcorp’s portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Power, and Transcorp Energy.