Business - News - May 5, 2022

Transcorp Plc posts 147% increase in profit in 2021

By Bassey Udo

Transnational Corporation Plc on Wednesday reported significant returns in all its major financial indices for the first quarter ended March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the hospitality conglomerate, which also has interests in the power, hospitality, and energy sectors, posted a profit after tax of N5.0billion, a 147 percent leap, from N2.0billion recorded in the corresponding period of March 2021.
Also, Profit before tax, which stood at N2.5billion in March last year, gained 129 percent increase, to over N5.0billio in the same period under consideration.

A further look at the results showed that revenue increased by 28 percent, from N24.4billion at the end of the first quarter of 2021; to N31.4billion as at March 2022, while operating income followed the same pattern, growing by 45 percent to N10.0billion up from N6.9billion reported the previous year.

An increase in expenses, such as inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets, which rose to N417billion in the period under review, up from N416billion recorded at the end of the 2021 financial year; just as shareholders’ funds also rose by 3 percent to N151.0billion, up from N146.3 bilion.

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, expressed excitement at what she described as “a great start to a rewarding year”.

He expressed satisfaction for the performance of the bank for the first quarter 2022, noting that the result was in line with the group’s overall strategy.

“This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding that the Group would continue to work diligently as to remain well-positioned to provide significant value for its stakeholders.

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000, with a portfolio comprising strategic investments in the power, hospitality, agribusiness and oil and gas sectors.

Notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

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