Transcorp Grows Profit by 147% to N5 Billion in Q1 2022

Bukola Olanrewaju May 11, 2022 BUSINESS, Banking and Finance Leave a comment

Transnational Corporation of Nigeria (Transcorp) Plc grew its net profit by 147 per cent to N5.0 billion in the first quarter as the conglomerate rode on the back of improvements across business segments.

The first quarter report for the period ended March 31, 2022 showed that profit after tax rose from N2 billion in first quarter 2021 to N5 billion in first quarter 2022. Profit before tax had risen by 129 per cent from N2.5 billion in March 2021 to N5.7 billion in March 2022. Group turnover increased by 28 per cent from N24.4 billion to N31.4 billion. Operating income grew by 45 per cent to N10 billion in first quarter 2022 as against N N6.9 billion in first
quarter 2021.

The report also indicated that group’s total assets rose to N417 billion in March 2022 as against N416 billion recorded at the end of the year ended December 31, 2021. Shareholders’ funds also rose marginally from N146.3 billion in December 2021 to N151 billion in March 2022.

Group Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Owen Omogiafo, described the first quarter performance as a great start to a rewarding year noting that the results were in line with the group’s strategy.

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She explained that the laudable performance was achieved as a result of the improved activities across all businesses.

She expressed confidence in the strategic direction of the group as this underlines the success of its long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all stakeholders.

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Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and first quarter 2022, despite the unstable operating environment.

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

Transcorp is a leading conglomerate with a diversified shareholder base of more than 300,000 shareholders. The group’s portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Transcorp’s notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.