Transnational Corporation of Nigeria Plc has reported a ₦75.2billion turnover and Profit After Tax of ₦3.79billion in 2020, the audited financial statement of the Group for the year ended December 31, 2020 has revealed.
The statement showed the performance represents a 2.35 percent increase when compared with about ₦3.705billion realized in 2019. Also, the Group’s comprehensive income grew by 31 percent, from about ₦3.44 in 2019, to ₦4.516billion in 2020, while its total assets of the Group rose by 8 percent, from ₦313.1billion to ₦338.1billion, and shareholder’s funds up by 5 percent, from ₦108.7billion in 2019 to ₦114.4billion in 2020.
The report said Transcorp’s overall performance was underpinned by the execution of the Group’s strategies to deliver growth and achieve its long-term goals.
“We sustained and drove our growth agenda across all our business sectors in 2020, notwithstanding the challenging operating environment, emanating from the COVID-19 pandemic,” Owen Omogiafo, President/Group CEO of Transcorp, said
“We significantly advanced our strategic position as a leading player in the power sector, with the successful acquisition of 100 percent ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing our total power generation capacity to approximately 2,000 MW.
“We have also commenced distributing internationally in the West African regional electricity market, as a member of the West African Power Pool (WAPP). We continue to seek opportunities to deepen our position across the power value chain, as we deliver on our promise to power Nigeria”, Omogiafo said on Thursday in a statement.
Despite the impact of the COVID-19 pandemic on our hospitality business, Omogiafo said “Transcorp PLC responded quickly by embarking on several initiatives to adapt to the new normal and meet the needs of guests and staff in the pandemic era, whilst intensifying cost-saving mechanisms to minimize the losses brought about by the pandemic.”
Reacting to the results, the Chairman of Transcorp, Tony Elumelu said, “Businesses across the globe had to adapt, be innovative and learn to manoeuvre the volatile macroeconomic environment the COVID-19 pandemic created.
“Though tough for all, we demonstrated our resilience and continued relentlessly in our mission to ensure we improved lives and transform Nigeria. By growing our investments in power and hospitality, we were able to continue to develop our businesses and generate the long-term value our shareholders expect.”
On Transcorp’s outlook for 2021, Omogiafo emphasized the Group’s focus on increasing momentum across all business lines.
Transcorp Hotels Plc, she said, recently launched its asset-light business, ‘Aura by Transcorp Hotels’, which leverages technology to provide travelers with accommodation options across Africa.
Aura is a digital play that would revolutionalize the African hospitality industry and position Transcorp Hotels, to continue to dominate and increase its footprint across Africa.
Omogiafo also highlighted the Group’s ground-breaking advances in its integrated gas-to-power strategy, leveraging its oil prospecting license (OPL) 281 asset and its partnership with Heirs Holdings, in the acquisition of oil mining lease (OML) 17 to meet the gas requirements for its power business.
“We have laid a strong foundation for sustainable growth. We remain focused on to creating long-term value for all stakeholders and to position Transcorp as a flagship Pan African conglomerate.” the President/Group CEO said.
Transcorp Nigeria Plc is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000, with strategic investments in the power, hospitality, agribusiness and oil and gas sectors.