Chinwendu Obienyi
The management of Transnational Corporation of Nigeria (Transcorp) Plc, has set its sights on cost management strategies to ensure improvement in the 2019 financial year.
This comes after the group results for the financial year ended December 31, 2018, showed its revenue hit N104.16 billion representing a 30 per cent revenue growth compared to the preceding year’s results while Profit Before Tax (PBT) closed for the year 2018 at N22.40 billion, a significant leap compared to the Profit After Tax (PAT) of N12.31 billion recorded in 2017.
Presenting the company’s Facts Behind the Figures to stockbrokers and the investing public on the trading floor of the Nigerian Stock Exchange (NSE) recently, Chief Executive Officer, Transcorp Plc, Valentine Ozigbo, noted that the diversified company with vast interests and investments in hospitality, power, oil and gas, among others, remains committed to delivering superior value to its shareholders.
Ozigbo, who noted that the focus of the company is to create an enabling environment for domestic and foreign investors to succeed, added that the business is well-positioned to continue to roll out profitably to its numerous investors.
“Today, we own and manage the best business hotel in Africa, and are intent on improving tourism in Nigeria and beyond. We own and manage one of the most strategic power assets in Nigeria, and aim to meet the power needs of one out of every four Nigerians, and through this, help in poverty eradication and improving Nigeria’s competitiveness.
“Our businesses are contributing unprecedented revenue and profits in the history of the group, and we are also stronger in corporate governance and now consistently among the first three companies quoted on this Exchange, who each year successfully finalise their audited accounts and organise their AGMs,” he said. He told the excited investors that plans are in motion to ensure that the conglomerate continues to grows consistently, adding that already, all its concerns are headed in the direction of impressive performances based on the strategic investments in the last couple of years.
“We will deepen our play in the sectors we currently operate in, operationalise our oil asset and invest in more sectors. With the support of the stakeholders, especially the entire capital market community, we will be that conglomerate Nigerians will be most proud of,” Ozigbo explained.