From Uche Usim, Abuja
The Transnational Corporation of Nigeria (Transcorp) has released 2021 performance of the Group which showed thatits gross earnings increased to N111.2 billion from N75.3 billion in 2020.
Companies making up the Group are Transafam Power Limited, Transcorp OPL 281 Nigeria Limited, Transcorp Power Limited, Transcorp Hilton Abuja, Transcorp Hotels, Calabar and Transcorp Energy. The Group Executive Chairman, Mr Tony Elumelu, who made the disclosure at its 16th Annual General Meeting (AGM) in Abuja, attributed the positive performance to a diversified investment portfolio, especially in Afam Power Limited and Transcorp Power Limited that accounted for 81 per cent of the gross revenue. The rest (19 per cent) is from its hospitality portfolio.
According to him, the Profit Before Tax for the Group increased to N28 billion in 2021, from N1.6 billion in 2020, while Profit Before Tax for the company (Transcorp Power Limited) increased to N4.02 billion in 2021 from N2.7 billion in 2020.
In the same vein, Profit After Tax for the Group increased to N23.8 billion in 2021 from N3.8 billion in 2020, while that of the company increased to N3.4 billion in 2021 from N2.4 billion in 2020. The Group’s total assets grew to N416 billion in 2021 from N319.2 billion in 2020, while the total assets for the company declined to N89.7 billion from N90.5 billion in 2021.
Elumelu said the 2022 operational year would see the Group braving the odds to optimise existing assets and pursuing growth opportunities.
“Prior to now, only Transcorp Hotels was the major income stream. But now, we took the risks and diversified into power and that has paid off as a good investment decision because it is responsible for 70% of the Group profit.”