Transcorp group records an amazing performance

Transcorp is determined to create values and build socio-economic impact. The leading company came into existence on the 16th of November 2004. The company's investment in Hospitality, Power, and Oil and Gas sectors has recorded a meaningful feat, across all its crucial investment lines, for the financial year that ended on the 31st of December 2021.

The company saw its profit leap appreciably by 48% to close the year at N111.2billion compared to 75.3billion recorded at the end of 2020, while the operating income grew by 114% from N18bn in 2020 to N38.5bn in the year under consideration, despite the rigorous operation the company is facing and business environment.

The audited results released to the Nigerian Exchange proved that the profit before tax grew significantly by 1,600%, rising from N1.6billion at the end of the 2020 financial year to N27.9bn, while the profit after tax stood at N3.8bn the previous year, recently came up by 530% to close the year with N23.9bn. Shareholders' budgets also grew by 53% from N95,4billion to N146 Billion in the year under consideration.

Transcorp Group Chief Executive Officer Owen Omogiafo gave her comments on the company's remarkable performance; she pointed out that the company's performance was a result of improved performance across all its businesses. Owen further mentioned that the conglomerate’ invested in crucial segments of energy and hospitality which had been Swiveling in huge returns.

She said, “We are very pleased with the progress of our transformation agenda for Transcorp. We remain committed to building an institution that will delight all our stakeholders and will be here for many generations to come.” While commending the company, she added that the conglomerate also leveled up in its Power and Hospitality investments, with the hospitality arm showing a recovery from the Covid-19 pandemic, with results comparable with the pre-covid era.”

Owen dwelt precisely on the company's consistent progress recorded in its various concerns, especially its hotel business, “The 143% growth reported in the hospitality arm of the business this year is a testament to the strong spirit of resilience, innovation, and execution within the Group, she said. “The additional investments we made in our Power businesses led to the increased revenue witnessed in that sector, notwithstanding some of the challenges in the sector which are now being addressed. We stayed on course with our OPL281 investment and are well on the way towards the attainment of our integrated energy strategy.”

Omogiafo mentioned that the hotel business as well as its other concerns will continue to record an outstanding performance in the current year, especially as the world continues to recover from the effect of the COVID-19 pandemic.

“Transcorp Group remains committed to its strategy of sustainable development and continuous drive to provide value, We do not plan to rest on our laurels, and we will continue to work diligently and remain well-positioned to provide significant value for our stakeholders,” Omogiafo assured its stakeholders.