Transcorp’s quarterly profit rises by 671%

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Transnational Corporation of Nigeria Plc has said its profit before tax rose by 671 per cent in the third quarter ended September 30, 2021.

The firm disclosed this in its unaudited results for Q3 2021, indicating sustained growth in 2021 as seen in the first two quarters of the year.

“With strategic investments in the power, hospitality, and energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 617 per cent up from N1.75bn recorded in the previous year,” it said.

Its revenue rose by 57 per cent from N54.4bn in Q3 2020 to N85.6bn in the period under consideration and gross profit grew by 74 per cent from N22.7bn to N39.4bn.

The President/Group Chief Executive Officer, Transcorp, Mrs Owen Omogiafo, 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 intended to complete the year with another quarter of excellent year-over-year growth, with its scalability and sustainability strategy.

She 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-19 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.”

SOURCE: PUNCH

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