Transcorp Projects Improved Value for Stakeholders

Transnational Corporation of Nigeria (Transcorp) Plc has put a robust investment and business expansion plan in place that will boost its performance and deliver improved value to all stakeholders in the years ahead.

Presenting the company’s 2018 half year(H1) results to analysts in Lagos, the President/ Chief Executive Officer of Transcorp Plc, Mr. Adim Jibunoh projected a rosy future, saying plans are being put in place to ensure that all the subsidiaries comprising hospitality, power and oil & gas perform well to deliver value to all stakeholders.

Transcorp Plc posted an impressive results for the half year ended June 30, with profit before tax (PBT) and profit after tax (PAT) rising by 163 per cent and 199 per cent respectively. The company recorded a revenue of N54.089 billion, up 58 per cent from N34.174 billion in the corresponding period of 2017.

Net finance cost rose slower by 8.3 per cent from N4.988 billion to N5.403 billion, bringing the PBT to N11.944 billion, a jump of 163 per cent when compared with N4.532 billion in 2017.

Although tax paid increased by 190 per cent from N368 million to N1.068 billion, PAT rose higher by 199 per cent from N1.574 billion to N4.716 billion. Earnings per share stood at 11.6 kobo, up from 3.87 kobo in 2017.

Speaking on the performance of the hospitality subsidiary, Transcorp Hotels Plc, the CEO said following the completion of upgrade of the Transcorp Hilton Abuja, the company recorded a commendable performance for H1 2018.

Revenue rose by 29 per cent from N6.2 billion to N8.01 billion. PBT jumped by 85 per cent from N1.10 billion to N2.02 billion, while PAT stood at N1.38 billion, up from N760 million in 2017.

Commenting on the results, CEO of Transcorp Hotels Plc, Mr. Valentine Ozigbo, said: “We are thrilled with the half year results of the hotel, which was primarily driven by the increase in occupancy, room inventory and aggressive marketing strategies. With the help of a strong and dedicated workforce, we will continue to deliver significant value to our shareholders and unrivalled service excellence to our customers.”

According to him, for Transcorp Hotels Plc to achieve its long-term strategy of being Africa’s leading hospitality company, it is investing resources into diversifying its overall guest experience using technology.

“We recently launched the Transcorp Hilton mobile application, which allows guests request for dining services, housekeeping services, valet services and maintenance requests with the click of a button. Guests can read up about local attractions in Abuja, explore on-site and off-site recreational services and navigate key locations around the city through the inbuilt map,” Ozigbo said.