Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerates with investments in Hospitality, Power, and Oil & Gas sectors, has released its half-year results for the year ended June 30th, 2022, showing improved performance across all its major investment lines. 

The indigenous conglomerate with strategic investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9billion, representing a growth of 18 per cent when compared to N53.3billion recorded in the same period under review in 2021. Its operating income grew by 25 per cent from N16.3bn in 2021 to N20.5bn in the same period.

Its half-year un-audited results released to the Nigerian Stock Exchange (NGX) also showed that profit before tax grew by 90 per cent, from N7.1billion to 13.3billion in the period under review , while profit after tax stood at 12.0bn, representing an 85 per cent increase from N6.5bn from the previous year.  The Group’s Shareholders’ funds also grew by 8 per cent from N146.3billion to N157.5billion in the same period.

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Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.  

She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations.”