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Transnational Corporation of Nigeria (Transcorp) Plc, Nigeria’s largest, leading listed conglomerate with investments in hospitality, power, and oil and gas sectors, has reported improved performance, across all its major investment lines, for the financial year ended December 31, 2021.
Notwithstanding the tough operating and business environment, the conglomerate saw its revenue leap appreciably by 48 per cent to close the year at N111.2billion; compared to 75.3billion recorded at the end of 2020; while operating income grew by 114 per cent from N18billion in 2020 to N38.5billion in the year under consideration.
Its audited results released to the Nigerian Exchange also showed that profit before tax grew significantly by 1,600 per cent, rising from N1.6bn at the end of the 2020 financial year to N27.9billion, while profit after tax which had stood at N3.8billion the previous year, shot up by over 530 per cent to close the year at N23.9billion. Shareholders’ funds also grew by 53per cent from N95,4billion to N146billion in the year under consideration.
Commenting on the remarkable performance, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, noted that the performance was achieved following improved performance across all its businesses, adding that the conglomerates’ various investments in key segments of energy and hospitality had been turning in huge returns.
