Transcorp increases profit by 713% to N6.5bn in six months

Transnational Corporation of Nigeria Plc (Transcorp) on Thursday reported a 713 per cent increase in a profit after tax to N6.5 billion in unaudited results and accounts for half year (H1) ended June 31, 2021, from N0.8bn recorded in June of the previous year.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors on the Nigerian Exchange Limited (NGX), also, increased its Profit before tax by 689 per cent from N0.9billion in June 2020 to N7.1billion in June 2021.

Specifically, its revenue improved significantly by 53 per cent from N35.0billion in June 2020 to N53.3billion in the period under review.

Similarly, the Transnational Corporation reported gross profit growth of 60 per cent, from N14.7billion in June 2020 to N23.5billion 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 48per cent, as a result of improved gas supply and increased generation capacity”, she stated.

In 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 ongoing 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.”