Transcorp Plc posts 147% profit rise in 2021 first quarter result

Transcorp Plc posts 147% profit rise in 2021 first quarter result

Transnational Corporation Plc, (Transcorp Group) has reported impressive returns in all its major financial indices for the first quarter ended March 31.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0 billion, rising 147 per cent from N2 billion recorded in the first quarter of 2021; while profit before tax which stood at N2.5 billion last year, gained 129 per cent to N5.7 billion in the same period under consideration.

A further look at the results showed that revenue increased by 28 per cent from N24.4 billion at the end of the first quarter of 2021 to N31.4 billion as at March 2022, while operating income followed the same pattern as it grew by 45 per cent to N10 billion up from N6.9 billion reported the previous year.

An increase in expenses such as Inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets which rose to N417 billion in the period under review, up from N416 billion recorded at the end of the 2021 financial year; just shareholders’ funds also rose by three per cent to N151 billion, up from N146.3 billion.

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Owen Omogiafo

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

She stated “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Ms Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

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Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

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