Omogiafo: Transcorp Aims at Improving Lives, Transform Nigerian Economy

The President/Group Chief Executive Officer, Transnational Corporation (Transcorp) of Nigeria Plc, Owen Omogiafo has said the Conglomerate aim at improving lives and transforming the nation’s economy.

While delivering the financial performance of the company for half year ended June 30, H1 2021, Omogiafo, during a virtual analyst parley on Wednesday said that although the COVID-19 pandemic affected global businesses last year, the positive economic turnaround in economies especially Nigeria has improved the present half year financial performance better than it was in prior year half year results.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of the previous year.

Its revenue rose by 53 per cent, from N35 billion in June 2020 to N53.3 billion in H1 2021 to contribute to 689 per cent increase in Profit before tax (PBT) from N0.9 billion in June 2020 to N7.1 billion in June 2021. Whilst reiterating the Conglomerate’s commitment towards producing long-term value and sustainable impact, she revealed that the company is growing impressively in its top-line and bottom-line indices while adding that its entities are also growing.

Speaking on the outlook of the company in H2 2021, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of improving lives and transforming Nigeria.”

Corroborating her, the Managing Director, Transcorp Power Limited, Christopher Ezeafulukwe, said the company intends to gradually sustain the increase of power generation over the next 5 years and added that it is targeting 258MegaWatts capacity by December 2021.

“We will continue to engage with key stakeholders to sell our stranded capacity through the West African Power Pool (WAPP), partnerships with Discos, eligible customers, among others.

“We also want to continue to engage with NBET to ensure our invoices are settled on time to improve liquidity,” he said.

The management said it would continue to engage the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) to ensure its invoices are settled on time to ensure to improve its liquidity.