Transnational Corporation of Nigeria (Transcorp Plc) posted profit after tax (PAT) of N13.467 billion for the third quarter ended September 2021.
The performance represents a growth of 11.721 billion naira, compared to 1.746 billion naira recorded in the third quarter of 2020. It also showed a change of 672.1% year-on-year.
The group also said that its profit before tax during the period was N14.127 billion, an increase of N12.107 billion from the 2.020 billion naira recorded in the same quarter in 2020, with a change of 599.5% year-on-year.
The group’s gross profit and gross profit were respectively 85.588 billion naira and 39.366 billion naira, compared to 54.378 billion naira and 22.723 billion naira recorded as of September 30, 2020.
Speaking during the Group Financial Performance Report – Transcorp Q3 2021 Analyst Presentation and Investor Call ‘, Group President / CEO, Transcorp Plc, Owen Omogiafo said: “Transcorp Plc remains a diverse conglomerate with a dominant presence in the electricity, oil and gas and hospitality sectors. .
“We also have strong financial performance with an aggressive growth program. We are deeply rooted values which are the 3Es of execution, enterprise and excellence. The Nigerian economy has shown sustained positive growth in the last four quarters since the recession seen in 2020, although lower than the 5.01 percent recorded in the second quarter of 2021 of 0.98 percent, “he said. -she adds.
Its cost-to-income ratio in 2021 was 44%, down from 14% to 58% for 2020. The after-tax return on equity and after-tax return on assets for 2021 increased 1.57 % and 0.54. percent recorded in 2020 at 11.16 percent and 3.88 percent, respectively.
With key investments in the hospitality, energy and power sectors, the group’s hotel business recorded a 115% increase in turnover, from 6.791 billion naira to the third quarter of 2020 to 14.601 billion naira in the third quarter of 2021. increase from 4.342 billion N recorded in the third quarter of 2020 to 10.829 billion N recorded in 2021 for the same period.
For its hotel activity, the group proposes to build Transcorp hotels in Port Harcourt by 2024; build an event center with a capacity of 3,000 banquets in Abuja in 2022; build a center of life in Ikoyi; upgrade of Transcorp, Calabar hotels and renovation of its main food and beverage outlets by 2022.
In its review of the power segment, Transcorp said that for its target for the fourth quarter of 2021, an average capacity of 575 MW was generated for its Transcorp Power Limited and 102 MW for its Trans Afam Power Limited, compared to 677 MW. MW and 166 MW of average capacity available.
“The current capacity available for TPL and TAPL is 539 MW and 120 MW respectively. Our plants are undergoing major upgrades and repairs that will significantly increase the available capacity by December 2021. Given the gap in the sector and growing demand for electricity, the electricity sector remains a choice. attractive investment, ”the group said.
Haven completed its preliminary assessment in 2021, as outlined in its OPL 281 Theoretical Development Plan, the group said the field’s assessment and development strategy would take place between 2022 and 2023, while the completion of the obligations of minimum work and execution of plans would start from 2024.