Transcorp Grows Profit 85% To N12bn In H1 2022
Transnational Corporation Plc (Transcorp Group), has announced a growth of 85 per cent pushing itsi profit to 12 billion in Half Year 2022.
Its profit in the corresponding period in previous year was N6.5 billion.
The Nigeria’s leading conglomerates with investments in hospitality, power, and oil & gas sectors disclosed this in its half-year un-audited results for the year ended June 30th, 2022, released to the Nigerian Stock Exchange (NGX).
The report showed that profit before tax grew by 90 per cent, from N7.1bn to 13.3bn in the period under review, while it reorded a a revenue of N62.9 billion, representing a growth of 18 per cent when compared to N53.3 billion recorded in the same period under review in 2021. Its operating income grew by 25 per cent from N16.3bn in 2021 to N20.5bn in the same period. The Group’s Shareholders’ funds also grew by 8 per cent from N146.3bn to N157.5bn in the same period
Commenting on the performance, Transcorp’s President/Group CEO, . Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough 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 and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations”
Speaking further on the growth, the President said, “Our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173% over same period last year, demonstrating a strong and sustained recovery from the impact of 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% (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 of 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” Owen Omogiafo assured its stakeholders.
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Power, and Transcorp Energy.