Optimising Existing Assets, Growth Opportunities, Our 2022 Priority, Elumelu

Chairman of leading diversified conglomerate, Transnational Corporation of Nigeria Plc, Tony Elumelu, at the weekend in Abuja assured shareholders of a robust future as it sustains the significant growth recorded in the full-year ended December 31, 2021.

Speaking at the group’s 16th Annual General Meeting, in Abuja, where shareholders also approved the change of the company’s name to Transnational Corporation Plc, reflecting its new commitment to expanding its impact beyond Nigerian, Elumelu expressed delight at the positive performance, across all sectors within the group and the fact that it continues “to surpass its past performance, despite the macroeconomic difficulties.

The priority for the current financial year, he explained “is to continue optimising our existing assets and pursuing growth opportunities.  This is critical to ensure sustainable growth in an ever-changing operating landscape.”

According to the result, Transcorp Plc’s gross earnings rose to N111.2bn in 2021, from N75.3bn in the corresponding period of 2020; while Profit Before Tax ballooned to N27.99bn, from a mere N1.6bn. Profit After Tax also jumped from the 2020 level of N3.8bn, to N23.8bn in 2021; even as total assets blossomed to N416bn in 2021 from N319.2bn in 2020.

As part of its sustainability efforts, he underline the group’s corporate responsibility to its communities, as part of “a commitment to building socially responsible and impactful businesses, in key strategic economic sectors that serve our diverse stakeholders. 

“Transcorp, as a responsible corporate citizen, has consistently embraced and sustained a corporate culture and social commitment by driving the integration of Environmental, Social and Governance (ESG) criteria in all aspects of the business’ dealings and investment decisions. As a Group, we remain unwavering in our commitment to sustainable growth, driven by a mission to delivering long-term value and good to all our stakeholders,” he stressed.

The chairman appreciated the shareholders for their valuable support during the year, and all members of the Transcorp Group for their utmost dedication towards the vision of creating sustainable value for their stakeholders.

Also speaking, President of Transcorp Plc, Mrs. Owen Omogiafo, harped on the group’s innovation in the hospitality business demonstrated by the launch of its digital hospitality platform, Aura by Transcorp Hotels in 2021, and highlighted the ongoing investment in assets in 2022, with the commissioning of a best-in-class Spa, and a 3,000 person capacity multipurpose hall, both at the Transcorp Hilton Abuja.

“We are optimistic about the Group’s strategic direction and ability to deliver value.  Our performance underlines the success of our long-term strategy of sustainable growth, diversifying our revenues, and accessing new business opportunities to deliver superior returns to all our stakeholders.” Omogiafo said.