Transcorp Posts 85% Growth In Profit

Transnational Corporation Plc (Transcorp) has released its half-year results for the year ended June 30th, 2022, posting 85 per cent profit after tax as revenue for the year grew.

The conglomerate with investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9 billion, representing a growth of 18 per cent when compared to N53.3 billion recorded in the same period under review in 2021.

Its operating income grew by 25 per cent from N16.3 billion in 2021 to N20.5 billion in the same period.

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Its half-year unaudited results released to the Nigerian Stock Exchange (NGX) also showed that profit before tax grew by 90 per cent, from N7.1 billion to 13.3 billion in the period under review , while profit after tax stood at 12 billion, representing an 85 per cent increase from N6.5 billion from the previous year.
The group’s shareholders’ funds also grew by eight per cent from N146.3 billion to N157.5 billion in the same period.
Commenting on the performance, Transcorp’s president and group chief executive, Owen Omogiafo, attributed the continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.
“Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations” Omogiafo stated.
Speaking further on the growth, the president said: “our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173 per cent over same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.
“In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21 per cent (100MW)over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders.”