Transnational Corporation Plc has said it recorded N13.36bn profit before tax in the first six months of 2022.
A statement from the conglomerate with investments in hospitality, power, and oil & gas sectors, on its half-year results for the year ended June 30th, 2022, showed an improved performance across all its major investment lines.
It stated, “The conglomerate with strategic investments in power, hospitality and oil & gas recorded a revenue of N62.9bn, representing a growth of 18 per cent when compared to N53.3bn recorded in the same period under review in 2021. Its operating income grew by 25 per cent from N16.3bn in 2021 to N20.5bn in the same period.
“Its half-year un-audited results released to the Nigerian Stock Exchange also showed that profit before tax grew by 90 per cent, from N7.1bn to 13.3bn in the period under review , while profit after tax stood at 12.0bn, representing an 85 per cent increase from N6.5bn from the previous year. The Group’s Shareholders’ funds also grew by eight per cenet from N146.3bn to N157.5bn in the same period.
Commenting on the performance, Transcorp’s President/Group Chief Executive Officer, Mrs Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.
She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations”
She added, “Our hospitality arm, Transcorp Hotels Plc recorded a revenue growth of 173 per cent over same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.
“In our power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21 per cent (100MW) over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders.”