Transnational Corporation Plc, (Transcorp Group) has reported a 147% jump in profit after tax to N5billion in the first quarter (Q1) ended March 31, 2022, up from N2billion recorded a year ago.
The group also posted 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 (NGX), showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a 129% increase in Profit before tax, from N2.5billion to N5.7billion year-on-year.
A further look at the results showed that revenue increased by 28% 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% to N10billion 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 as shareholders’ funds also rose by 3% to N151.0billion, up from N146.3billion.
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.
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 Q1 performance, and noted that the result is in line with the group’s strategy.
She said: “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% 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.”
Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that this has been evident from the results churned out by the business in the full year 2021, and Q1 2022.
Despite the unstable operating environment, she added, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”
