In a “you ain’t seen nothing yet” mood, new Group Chief Executive of the Transnational Corporation of Nigeria Plc (Transcorp), Valentine Ozigbo, at the weekend assured stakeholders that the company is set to deliver increased revenue and profit for the good of all in the coming months, given ongoing negotiations by its cash cow- the Transcorp Power Limited, just as recent investments in Transcorp Hotels could begin to show in its coming numbers.
Ozigbo was speaking against weekend’s release of Transcorp’s audited 2018 full-year financials showing that although turnover climbed 30% to N104.2bn, profit before tax galloped from N12.3bn in the 2017 full year to N22.4bn, representing 82% rise, just as net profit stood at N20.6bn, up 94.5% from N10.6bn in prior year (MORE On Result).
The result, he explained, was achieved due to the increased revenue from the power and hospitality segments of the group, just as the 30% reduction in loss from Forex arising from financing activities year-on-year, helped by a relatively stable exchange rate in 2018.
Transcorp Power Ltd, for example, he continued, “has continued to explore opportunities created by the eligible customer framework initiated by the Federal Government. We are at an advanced stage of negotiations with a number of eligible customers, which will translate into transactions in the months ahead. Our hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, displaying the impact of our recent US$100m upgrade at the Transcorp Hilton Abuja and the immense value placed on the hotel’s best-in-class hospitality services.”
“We’re proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy,” said Ozigbo, who took over as Transcorp’s President and Chief Executive Officer in January 2019.
“We will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals,” he stressed.
Reflecting on the results, Chairman of Transcorp, Tony Elumelu, expressed the group’s commitment to its “purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.”