Transcorp Plc Grew Profit By 713% To N6.5bn In H1, 2021
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 N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of 2020.
The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of 2020.
Other key highlights of the financials indicated a revenue growth from N35 billion in June 2020 to N53 billion in the period under review, representing a 53 per cent rise.
Gross profit grew by 60 per cent, from N14.7 billion in June 2020 to N23.5 billion in June 2021.
Also profit before tax rose by 689 per cent from N0.9 billion in June 2020 to N7.1billion in June 2021.
Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “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 per cent as a result of improved gas supply and increased generation capacity”, she stated.
Speaking on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84 per cent despite the impact of the COVID-19 epidemic on the Nigerian and global hospitality industries.
Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “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 per cent as a result of improved gas supply and increased generation capacity”, she stated.
Speaking on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84 per cent despite the 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, Omogiafo said, “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.”
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors.
