Transnational Corporation of Nigeria (Transcorp) has reported that its operations across various subsidiaries yielded N13.5 billion from January to September, 2021.
This is according to its unaudited results for the third quarter ended September 30, 2021, indicating sustained growth in 2021 as seen in the first two quarters of year.
Having invested strategically in the power, hospitality, and energy sectors, the conglomerate recorded a profit after tax of N13.5 billion, rising by 617 per cent up from N1.75 billion recorded in the previous year.
Its hospitality subsidiary, Transcorp Hotels, returned to profitability amidst the Covid-19 pandemic to post N745 million profit before tax after surmounting the loss of N5.6 billion suffered in the comparative period of 2020.
During the nine-month period under review, revenue rose by 57 per cent, from N54.4 billion in Q3 2020 to N85.6 billion in the period under consideration. Gross profit grew by 74 per cent, from N22.7 billion in Q3 2020 to N39.4 billion in Q3 2021, while Profit before tax accelerated by 671 per cent from N1.75 billion in Q3 2020 to a significant N13.5 billion in Q3 2021.
Commenting on the performance, Mrs. Owen Omogiafo, President/Group CEO of Transcorp, said “the results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. Our power business increased by 49 per cent year on year, while our hospitality business increased by 115 per cent.”
Omogiafo indicated that the company intends to complete the year with another quarter of excellent year-over-year growth, thanks to its scalability and sustainability strategy.
Omogiafo said, “Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our Hospitality business and its recovery following the impact of the Covid pandemic.
“We have remained on track regarding our capacity recovery plan in our Power business and despite the systemic challenges in the Power sector, Transcorp remains a strong contributor to the power generated in the country.
“We will continue to drive operational efficiency and focused on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of Improving Lives and Transforming Nigeria.”
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors.
Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Limited and Transcorp Energy.