We’re Transforming Transcorp Into Enduring Institution, Stakeholders’ Delight- Group CEO

President/Group Chief Executive Officer of the Transnational Corporation of Nigeria Plc (Transcorp), Mrs. Owen Omogiafo, has expressed pleasure in the group’s transformation agenda, even as it remains “committed to building an institution that will delight all our stakeholders and will be here for many generations to come.”

A statement by the group on Tuesday said Omogiafo spoke against the background of its recently presented audited financials for the year-ended December 31, 2021, showing a consistent progress in its various business segments, especially its hospitality arm, which recorded a 143% growth within the period.

Describing the growth as a testament to the strong spirit of resilience, innovation, and execution within the group, she noted in the hospitality arm “showed a strong recovery from the Covid-19 pandemic, with results comparable with pre-covid era.

The GCEO, also noted that the Conglomerate recorded growth in its various other investments in key segments, like energy, which had been turning in huge returns, adding specifically that “the additional investments we made in our Power businesses, led to the increased revenue witnessed in that sector, notwithstanding some of the challenges in the sector, which are now being addressed. We stayed on course with our OPL281 investment and are well on the way towards the attainment of our integrated energy strategy.

“Transcorp Group remains committed to its strategy of sustainable growth and continuous drive to deliver value, We do not plan to rest on our laurels, and we will continue to work diligently and remain well-positioned to provide significant value for our stakeholders,” Omogiafo assured stakeholders.

According to the statement, the group, despite the tough operating and business environment, the conglomerate saw its revenue leap appreciably by 48% to close the year at N111.2bn; compared to 75.3bn recorded at the end of 2020. Operating income grew by 114% from N18bn in 2020 to N38.5bn in the year under consideration, while profit before tax grew significantly by 1,600%, rising from N1.6bn at the end of the 2020 financial year to N27.9bn. Profit after tax took a leap from just N3.8bn in the previous year, shot up by over 530% to close the year at N23.9bn. Shareholders’ funds also grew by 53% from N95.4bn to N146bn in the year under consideration,

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