The firm disclosed this in its unaudited results for Q3
2021, indicating sustained growth in 2021 as seen in the first two quarters of
the year.
“With strategic investments in the power, hospitality, and
energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising
by 617 per cent up from N1.75bn recorded in the previous year,” it said.
Its revenue rose by 57 per cent from N54.4bn in Q3 2020 to
N85.6bn in the period under consideration and gross profit grew by 74 per cent
from N22.7bn to N39.4bn.
The President/Group Chief Executive Officer, Transcorp, Mrs
Owen Omogiafo, 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 per cent year on year,
while our hospitality business increased by 115 per cent.”
Omogiafo indicated that the company intended to complete the
year with another quarter of excellent year-over-year growth, with its scalability
and sustainability strategy.
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-19 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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