Q1: Transcorp records N5.7bn profit as revenue hits N31.4bn

Transnational Corporation Plc, Transcorp Group, has recorded profit in all its major financial indices for the first quarter, which ended on March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors, recorded a profit after tax of N5.0bn rising by 147% up from N2.0bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

The results also showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021 to N31.4bn as of March 2022, while operating income grew by 45% to N10.0bn up from N6.9bn 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 N417bn in the period under review.

From N416bn recorded at the end of the 2021 financial year, the shareholders’ funds also rose by 3% to N151.0bn from N146.3bn.

Speaking on the development, the Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, expressed satisfaction with the performance for the first quarter 2022, noting that the result is in line with the group’s strategy.

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Omogiafo, who was excited at what she described as a great start to a rewarding year, 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.”

She further re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding: “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.

“We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders,” Omogiafo stated.

Transnational Corporation Plc is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000.

It portfolio comprises investments in the power, hospitality, agribusiness, and oil and gas sectors.

The Star