Transcorp Hits  N27.9B Profit, 530% PAT Leap In Full Year Performance

What appears a proof that hotel businesses and the entire hospitality sector are recovering from the COVID-19 pandemic has been presented in the 2021 Full Year Financial performance of Transnational Corporation of Nigeria (TransCorp) Plc.

TransCorp, a listed conglomerate with investments in Hospitality, Power, and Oil and Gas sectors, reports significant performance, across all of its major investment lines, for the financial year ended December 31, 2021.

Notwithstanding the tough operating and business environment, the conglomerate reports that its  revenue increased appreciably by 48% to close the year at N111.2bn; compared to 75.3bn recorded at the end of 2020; while operating income grew by 114% from N18bn in 2020 to N38.5bn in the year under consideration.

TransCorp Group, a publicly quoted Conglomerate, has its businesses as Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Limited, and Transcorp Energy.

Its audited results released to the Nigerian Exchange also showed that profit before tax grew significantly by 1,600%, rising from N1.6bn at the end of the 2020 financial year to N27.9bn, while profit after tax which had stood at N3.8bn the previous year, shot up by over 530% to close the year at N23.9bn. Shareholders’ funds also grew by 53% from N95,4bn to N146bn in the year under consideration,

Commenting on the remarkable performance, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, noted that the performance was achieved as a result of the improved performance across all its businesses, adding that the conglomerates’ various investments in key segments of energy and hospitality had been turning 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,” adding that the Conglomerate also recorded growth in both its Power and Hospitality investments, with the hospitality arm showing a strong recovery from the Covid-19 pandemic, with results comparable with pre-covid era.”

Speaking specifically about the consistent progress recorded in its various concerns especially its hotel business, Omogiafo, said, “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.

Continuing, 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,” the Transcorp boss noted.

According to her, the hotel business as well as its other concerns are fully geared up to continue to churn out 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 growth and continuous drive to deliver 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.