Finance

Transcorp Plc announces 147 % leap in profit

Transcorp Hotels grows profit by 172%

Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

 Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0billion rising significantly by 147 per cent up from N2.0billion recorded in March 2021; while Profit before tax which stood at N2.5bn in March last year, gained 129 per cent to N5.7billion in the same period under consideration.

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 A further look at the results showed that revenue increased by 28 per cent from  N24.4billion at the end of the first quarter of 2021; to N31.4billion as at March 2022, while operating income followed the same pattern as it grew by 45 per cent to N10.0billion up from N6.9billion reported the previous year.

An increase in expenses such as Inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets which rose to N417billion in the period under review, up from N416billion recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3billion.

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 Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy. She stated “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28 percent rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Sunnews

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