TheCable

Transnational Corporation of Nigeria Plc (Transcorp) says its profit soared by 617 percent to N13.5 billion in the third quarter of 2021 from N1.75 billion in the previous year.

This was disclosed in its unaudited quarterly report recently released.

According to the company, strategic investments in the power, hospitality and energy sectors supported the earnings as its subsidiary, Transcorp Hotels, returned to profitability after the COVID-19 pandemic.

The diversified conglomerate experienced growth in revenue by 57 percent from N54.4 billion in Q3 2020 to N85.6 billion in the period under consideration.

Also, it earned a gross profit of N39.4bn in the third quarter of the year, a 74 percent increase from N22.7 billion in Q3 2020 — while profit before tax accelerated by 671 percent to N13.5 billion in Q3 2021 from N1.75 billion posted Q3 2020.

In the first quarter of 2021, the company’s financial position recovered from the coronavirus pandemic.

Owen Omogiafo, president/group CEO of Transcorp, said the results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. 

“Our power business increased by 49% year on year, while our hospitality business increased by 115%,” Omogiafo said. 

She said that the company achieved this feat owing to its “scalability and sustainability strategy” and intends to “complete the year with another quarter of excellent year-over-year growth.

“Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our Hospitality business and its recovery following the impact of the Covid pandemic,” she added. 

“We have remained on track regarding our capacity recovery plan in our Power business and despite the systemic challenges in the Power sector, Transcorp remains a strong contributor to the power generated in the country. 

“We will continue to drive operational efficiency and focus on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of Improving Lives and Transforming Nigeria.”