The strong performance of Transnational Corporation of Nigeria Plc across all its operational portfolios reflected in the over 2,427 percent profit level recorded in the first quarter of 2021.
At the Group’s 15th Annual General Meeting (AGM) held in Abuja on Monday, a statement by the company said Tuesday, shareholders hailed the company for declaring dividends to its investors despite the negative impact of the Covid-19 pandemic on its hospitality subsidiary, Transcorp Hilton.
The statement said the shareholders were impressed by the significant advances in the Group’s integrated energy strategy, with the acquisition of Afam Power Plant Plc and Afam III Fast Power Ltd, delivering on the Group’s promise to power Nigeria and change lives.
Also, the shareholders noted the resilience and dedication of the Board and management of the Group, despite the challenging global business environment.
Chairman of Transcorp, Tony Elumelu, was quoted to havs thanked shareholders for their continued support, promising the Group would continue to execute its expansion plans, in line with its mission of “improving lives and transforming Nigeria”.
Elumelu stated: “It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300million Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group’s success.
“Our team added value across our portfolio. In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW.
“This acquisition demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa.
“In oil & gas, the Group is driving forward investment in OPL 281 and participated in the acquisition of OML17.
“In hospitality, a new digital platform, Aura By Transcorp Hotels, which is set to redefine hospitality standards, was launched.”
On the success of the Group’s sustainable expansion strategy, Elumelu is quoted to have said that “Transcorp has an extremely bright future.”
“We have experienced an extraordinary transformation, from a narrow focus on hospitality, to our disciplined expansion across key sectors.
“Today, Transcorp has diversified its interest into the power and oil & gas sectors, emerging as a key player in the energy sector – we are the leading listed investor across these critical sectors,” he said.
President/Group CEO of Transcorp, Owen Omogiafo, said: “At Transcorp, we continue to re-invent ourselves and position for opportunities that we can leverage to attain our vision of improving lives and transforming Nigeria.
“Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market”.
Transcorp PLC, a publicly quoted conglomerate, has a diversified portfolio comprising strategic investments in the power, hospitality, agribusiness and oil and gas sectors.
The investments include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and the recently launched digital hospitality platform, Aura by Transcorp Hotels.
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