By Chinwendu Obienyi
The Management of Transnational Corporation (Transcorp) of Nigeria Plc has set a number of key targets to ensure its subsidiaries experience more growth at the end of 2021.
This was even as it said it will continue to engage the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) to ensure its invoices are settled on time to improve its liquidity.
It made this disclosure during the company’s Half Year (HY) analysts parley which held virtually in Lagos on Wednesday. While delivering the financial performance of the company in H1 2021, the President/Group Chief Executive Officer, Transcorp Plc, Owen Omogiafo, said that although the COVID-19 pandemic affected global businesses last year, the positive economic turnaround in economies especially Nigeria has made Transcorp’s H1 2021 financial performance better than it did in H1 2020.
The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of the previous year. Its revenue rose by 53 per cent, from N35.0 billion in June 2020 to N53.3 billion in H1 2021, Gross profit grew by 60 per cent, from N14.7 billion in June 2020 to N23.5 billion in June 2021 while Profit before tax (PBT) rose by 689 per cent from N0.9 billion in June 2020 to N7.1 billion in June 2021.
However, its Operating expenses grew to N7.49 billion from N6.24 billion due to the reflection of inflation in the nation’s economy, Omogiafo said. Whilst reiterating the firm’s commitment towards producing long-term value and sustainable impact, she revealed that it was growing impressively in its topline and bottomline indices as its subsidiaries are also growing.
Speaking on the outlook for H2 2021, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of improving lives and transforming Nigeria.”
Also commenting, Managing Director, Transcorp Power Limited, Christopher Ezeafulukwe, said the company intends to gradually sustain the increase in power generation over the next five years as it targets 258MegaWatts capacity by December 2021.
“We will continue to engage with key stakeholders to sell our stranded capacity through the West African Power Pool (WAPP), partnerships with DisCos and eligible customers among others. We also want to continue to engage with NBET to ensure our invoices are settled on time to improve liquidity”, he said.