With strategic investments in the Power, Hospitality, and
Energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising
by 617% up from N1.75bn recorded in the previous year.
Other key highlights of the result include the following:
- Revenue rose by 57%, from N54.4bn in Q3 2020 to N85.6bn in the period under consideration.
- Gross profit grew by 74%, from N22.7bn in Q3 2020 to N39.4bn in Q3 2021.
- Profit before tax accelerated by 671% from N1.75bn in Q3 2020 to a significant N13.5b in Q3 2021.
The President/Group CEO of Transcorp, Owen Omogiafo,
commenting on the performance said “the results reflect the continued
commitment by the group to improve performance across all the sectors in which
we operate. Our power business increased by 49% year on year, while our
hospitality business increased by 115%.”
Omogiafo indicated that the company intends to complete the
year with another quarter of excellent year-over-year growth, thanks to its
scalability and sustainability strategy.
Speaking further she said, “Our outlook for the rest of the
year remains positive despite some macro-economic issues. We are particularly
excited by the performance of our Hospitality business and its recovery
following the impact of the Covid pandemic.
We have remained on track regarding our capacity recovery
plan in our Power business and despite the systemic challenges in the Power
sector, Transcorp remains a strong contributor to the power generated in the
country.
We will continue to drive operational efficiency and focused
on delivering value to all stakeholders as we work towards building a
long-lasting institution that would deliver on our purpose of Improving Lives
and Transforming Nigeria.”
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