Half-year 2022: Transcorp Group achieves sustainable growth as PBT hits N13.36 billion

Transnational Corporation Plc (Transcorp Group), leading Nigerian conglomerates with investments in the hospitality, energy and oil and gas sectors, has released its half year results for the year ended June 30e2022, showing improved performance across all of its major investment lines.

Strong points

  • PBT increased significantly by 85%
  • The group’s turnover increased by 18% year-on-year.
  • Hospitality is witnessing phenomenal business growth with pre-tax profit growth of 2451% and on track to record record PBT in 2022.

Transnational Corporation Plc (Transcorp Group), leading Nigerian conglomerates with investments in the hospitality, energy and oil and gas sectors, has released its half year results for the year ended June 30e2022, showing improved performance across all of its major investment lines.

The conglomerate with strategic investments in power, hospitality and oil & gas recorded revenue of N62.9 billion, up 18% from N53.3 billion recorded during the same period under review in 2021. Its operating profit increased by 25% from N16.3 billion in 2021 to N20.5 billion during the same period.

Its unaudited half-year results published on the Nigerian Stock Exchange (NGX) also showed that pre-tax profit increased by 90% from 7.1 billion naira to 13.3 billion during the period under review, while profit after tax was 12.0 billion, representing an increase of 85% from 6.5 billion naira in the previous year. Group equity also increased by 8% from N146.3 billion to N157.5 billion over the same period.

Commenting on the performance, Transcorp’s Group President and Chief Executive, Ms. Owen Omogiafo, attributed the group’s continued strong performance to the growth of its electricity and hospitality businesses, which continued to post strong growth. excellent results despite a difficult operating environment.

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She says, “In all our activities, we are relentless in executing our transformation and growth program and we are pleased with the results achieved so far. We have invested strategically over the years in long-term projects and ventures that continue to generate productive returns and position the Transcorp Group as an institution that delivers value to all stakeholders and transcends many generations. »

Speaking further about the growth, the president said: “Our hospitality arm, Transcorp Hotels Plc (THP) recorded revenue growth of 173% compared to the same period last year, demonstrating a strong and sustained recovery from the impact of the COVID-19 pandemic, leveraging innovative strategies and a superior customer experience. In our Power business, despite the challenges of grid instability and gas reliability, we saw significant growth in our power investments, with available capacity up 21%. (100 MW) compared to last year and improving our overall operational efficiency. We have continued to make progress with our OPL281 investment and are on track to achieve our integrated energy strategy and increase returns for all stakeholders.”

According to her, Transcorp Group is fully prepared to maintain its growth trajectory for the rest of the year and beyond, despite the macro-economic problems. “We do not intend to rest on our laurels and we will continue to outperform past performanceassured Owen Omogiafo to his speakers.

Transnational Corporation Plc (Transcorp Group) is a publicly traded conglomerate, with a diversified shareholder base of over 300,000. Our portfolio includes strategic investments in the power, hospitality, oil and gas sectors. gas. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Power and Transcorp Energy. Visit www.transcorpgroup.com for more.

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