Transcorp Group’s Revenue Increases By 48% in 2021

Amid the unfavourable business environment, Nigeria’s diversified conglomerates,  Transnational Corporation of Nigeria (Transcorp) Plc has recorded an increase of 48% in revenue for the 2021 Financial year.

In its recent audited results released on the Nigerian Exchange Limited (NGX), Transcorp Plc revealed that it closed the year 2021 financial year with a revenue of N111.2 billion, compared with the N75.3 billion recorded at the end of 2020.

Also, the company recorded an increase of 114% in its operating income to N38.5 billion in 2021, while its shareholders’ funds grew by 53 percent from N95.4 billion to N146 billion in the year under review.

The Board of Directors also approved the payment of N812,959,805.86 (2020:N406,479,902.93), being 2 kobo per share on the outstanding ordinary shares of 40,647,990,293 shares of 50 kobo each for the year ended 31 December 2021.

According to Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, the overall performance of the company was achieved as a result of the improved performance across all its businesses.

Omogiafo, while noting that the company’s key investments in energy and hospitality turned in impressive returns for the 2021 financial year, reiterated the company’s commitment to building an institution that will delight all its stakeholders and for many generations to come.

She added that the conglomerate also recorded growth in both its power and hospitality investments, with the hospitality arm showing a strong recovery from the Covid-19 pandemic.

Her words: “We are very pleased with the progress of our transformation agenda for Transcorp. The 143 percent growth reported in the hospitality arm of the business this year, is a testament to the strong spirit of resilience, innovation, and execution within the Group.

“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.”

She also assured stakeholders of the company’s aim targeted at working diligently and remaining well-positioned to provide significant value to all.