. As hospitality subsidiary recovers from COVID-19 impact
Nigeria’s leading and largest listed diversified conglomerate, Transnational Corporation of Nigeria Plc (Transcorp), has announced a whopping 617% rise in the Group’s profit after tax (PAT) to N13.5billion in the first nine months of 2021, up from the N1.75billion recorded a year ago.
The sterling performance is as a result of the Group’s strategic investments in the Power, Hospitality, and Energy sectors, comprising Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Limited and Transcorp Energy.
This is contained in its unaudited results for the third quarter (Q3) ended September 30, 2021, indicating sustained growth during the period as seen in the first two quarters of year.
Other key highlights of the result include a 57% rise in revenue from N54.4billion to N85.6billion year-on-year, while gross profit grew by 74% from N22.7billion to N39.4billion during the period in review.
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.
Commenting on the performance, President/Group CEO of 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% 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.
She continued: “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 focus 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.”