Transcorp records N5bn profit in 3 months

Transnational Corporation Plc (Transcorp Group) has recorded a N5 billion net profit for the first three months of this year.

According to the unaudited results filed with the Nigeria Exchange Limited (NGX), the conglomerate with interests in the power, hospitality and energy sectors recorded a profit rise of 147% from N2bn reported in March 2021.

Its profit before tax, which stood at N2.5bn in March last year, gained 129% to N5.7bn by March 2022.

Its revenue increased by 28% from N24.4bn at the end of the first quarter of 2021 to N31.4bn as at March 2022, while operating income grew by 45% to N10bn up from N6.9bn reported the previous year.

The group’s total assets rose to N417bn from N416bn recorded at the end of 2021 just as shareholders’ funds also rose by 3% to

N151bn from N146.3bn.

Commenting, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, described the performance as a great start to a rewarding year.

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that 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.

“We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders,” she noted.

Transcorp has a diversified shareholder base of over 300,000 with its portfolio comprising strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Its notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.