Transcorp delivers strong performance amid Covid impact

Transnational Corporation of Nigeria Plc. (Transcorp) – Nigeria’s leading diversified conglomerate –  has released officially released its audited financial statements for the year ended December 31, 2020.

According to the report, the company achieved N75.2 billion in turnover and Profit After Tax of N3.79 billion, or a 2.35% increase from N3.705 billion in the same period in 2019. Transcorp’s comprehensive income increased by 31% or N4.516 billion in 2020, from N3.44 billion in 2019. The Group’s total assets jumped 8% to N338.1 billion, from N313.1 billion in 2019. Its shareholder’s funds increased to N114.4 billion, or 5%, from N108.7 billion in 2019.

Transcorp saw strong performance for the fiscal year 2020 despite challenges of the impact of Covid-19. Its performance is attributed to the Group’s improved strategies to deliver growth and achieve long-term goals.

“We sustained and drover our growth agenda across all our business sectors in 2020, notwithstanding the challenging operating environment, emanating from the Covid-19 pandemic,” said President/Group CEO of Transcorp Owen Omogiafo. “We significantly advanced our strategic position as a leading player in the power sector, with the successful acquisition of 100% 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.”

She added that the Group has expanded electricity distribution into the West African regional electricity market leveraging its membership in the West African Power Pool (WAPP). The company continues to seek more opportunities to deepen its influence in the power market.

Speaking about the company’s hospitality division. Omogiafo said Transcorp embarked on several initiatives to adapt to the new normal and improvise safer ways to serve their customers while implementing cost-saving techniques to minimize the losses incurred from the pandemic.

“Businesses across the globe had to adapt, be innovative, and learn to maneuver the volatile macroeconomic environment the Covid-19 pandemic created,” Tony Elumelu CON, chairman of Transcorp. “Though tough for all, we demonstrated our resilience and continued relentlessly in our mission to ensure we improve 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.”

Omogiafo said Transcorp’s outlook for 2021 will focus on increasing impetus across all its business divisions. Most recently, Transcop Hotels Plc launched its asset-light business called Aura by Transcorp Hotels. The business leveraged technology to provide travelers with lodging options across Africa. Aura is set to revolutionize the hospitality industry in the continent, and position Transcorp Hotels on the path to dominating the African industry.

“We have laid a strong foundation for sustainable growth. We remain focused on creating long-term value for all stakeholders and to position Transcorp as a flagship Pan African conglomerate,” said Elumelu.

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a leading diversified conglomerate in Nigeria. It has a diversified shareholder base of over 300,000.

The Group’s portfolio includes a vast array of strategic investments in the power, hospitality, agribusiness, and oil and gas sectors. Its most notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited, and Transcorp Energy.