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Transcorp records N6.7billion Profit After Tax in Q3; maintains a positive revenue outlook

Transcorp Group recorded a Gross revenue of N58.28 billion and posted a Profit Before Tax of N7.36 billion. Total Assets increased from N297.14 billion as of FY 2018 to N313.07 billion.

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Transcorp

Transnational Corporation of Nigeria Plc (“Transcorp”) today announced its financial results for the third quarter ended 30 September 2019. Highlights of the result show the Group recorded a Gross revenue of N58.28 billion and posted a Profit Before Tax (PBT) of N7.36bn for the period under review. Total Assets increased from N297.14 billion as of FY 2018 to N313.07 billion representing a  5% YTD growth.

Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 16% in its year-on-year revenue and had a gross profit increase of 19% in comparison with the same period of 2018. Revenue from its power business, Transcorp Power Limited (TPL), however, declined during the period due to gas and transmission issues.

[READ: Transcorp Hotels fulfills post-privatization obligations]

Commenting on the result, the President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated “Our Q3 result reflects our long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.

“On our part, we have taken several actions aimed at proactively and sustainably addressing these issues. These include the recent activation of our Gas Supply and Aggregation Agreement, guaranteeing gas supply to our power plant in Ughelli; leveraging the Eligible Customer regime initiated by the Federal Government, which gives value to our stranded capacities; consummating the acquisition of Afam Power Plc and Afam Fast Power Limited, thereby raising our total generation capacity from 972MW to 1938MW; expansion into alternative power generation and mini-grid opportunities, among other things” he further explained.

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Concluding his statement, Mr. Ozigbo pointed out that “the actualization of these steps, as well as improvement in market payment for electricity generation, will facilitate our projected revenue expansion in Q4 and the coming years. This is in addition to even more significant contributions from our hospitality business, which is expected to benefit from the introduction of new service offerings. The recent discharge of the hotel from the Bureau of Public Enterprise (BPE) post-privatization monitoring, further speaks to its operational excellence and top-line corporate governance.”

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of about 300,000. The company’s portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. The Company’s notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, and Transcorp Energy

[READ: Transcorp Hotels Plc Retains Positive A- (NG) GCR Rating]

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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ENDSARS

#EndSARS: Protests may return if panels do not address all issues in 2 weeks – Former Nigerian Minister

Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.

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This was disclosed by Professor Bolaji Akinyemi, during a news interview with ARISE TV this afternoon, as he called on the FG to urgently address the issues raised by the protesters, as these issues extend beyond police brutality and the immediate reform of the Nigeria Police force.
He explained during the interview that the current demands of the youths extend beyond basic needs, which remain the core mandate of the present administration.
He likened the #EndSARS protest to the #BlackLivesMatter demonstration and reiterated that demands of the youth extend beyond stomach infrastructure, as it is more of a call for good governance in a bid to address the concrete issues that the country faces.
He called for strategic actions towards combatting the evils of unemployment in Nigeria; called on the military to employ more military men to soak up the unemployment, and also provide security for the country.
On the issue of restructuring, Professor Akinyemi said restructuring is also key to solving the many problems facing the country.
The Professor of Political Science noted that the way forward for Nigeria will be for the government to utilize the Justice Mohammed Uwais report on electoral reforms and the 2014 National Conference report, which he believes addresses the issues confronting Nigerians.
What they are saying
During the interview, Professor Akinyemi said, “I will say and let me believe I am wrong, the judicial panels have just two weeks to address all these issues before the youths come back to the streets. The government should at least give the youths the impression that you have not set up all these panels to buy time, but that you are genuinely and seriously interested in addressing their issues.”
He reiterated the need for the employment of more police officers,
We told the government, because I was part of that conference, that the United Nations said Nigeria needs 1.5 million policemen. We have only about 350,000 and we were recommending that the Nigerian government should employ 750,000 more policemen.”
What we’ve seen in the past two weeks is that we don’t have enough men in uniform to guarantee security in this country if every part of the country decides to blow up. So you serve two purposes – employment and security, and those are things you can do immediately.
“We have just seen how every Governor was scrambling around in the past two weeks; if you allow each state to have its own state police, you wouldn’t have that experience. I have heard of a situation where the streets took over even governance in almost every state. So, restructuring is that you allow things to be done at the local level.”

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Coronavirus

COVID-19: Jason Njoku and wife test positive

iROKOtv CEO and wife have contracted the novel coronavirus.

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Jason Njoku and Wife testes positive to Covid-19

Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.

Jason,  disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”

The media mogul did not reveal if his children caught the virus too.

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Business

UK High Commission reopens visa application centres in Nigeria

Days after it was shut down, United Kingdom High Commission in Nigeria has announced the reopening of its visa application centres.

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#EndSARS: We are monitoring developments in Nigeria closely - UK, UK High Commission in Nigeria to replace expired visa for free, as it restarts operations

The United Kingdom High Commission in Nigeria has announced the reopening of its visa application centres in the country.

This comes some days after the high commission had shut down its visa application centres in Victoria Island, Lagos and Abuja over the outbreak of violence arising from hijacked #EndSARS protests against police brutality and extra-judicial killings, which led to the loss of lives, vandalization, and looting of public and private assets across the country.

READ: Reps, NIDO, Ghana government respond to attack on Nigerian residential building

The disclosure was made by the High Commission in a statement through a tweet post on its official Twitter handle.

The High Commission, however, noted in its statement, titled, “Update on UK visa application centres in Nigeria” that its centres would not open on Thursday due to the public holiday in Nigeria, in honour of the Eid-El Malaud celebration.

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The statement from the UK high commission, partly reads, “Our TLS contact visa application centres are now open in Nigeria. Following the recent closures, we are working hard to process all outstanding applications.’’

READ: NCC sets up committee to review licensing framework of Infrastructure Companies

“We thank you for your continued patience and understanding. Please note Thursday, October 29, is a public holiday in Nigeria and our Visa application centres will be closed.

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The reopening of the visa applications centres after they were shut about a week ago is due to the gradual return of peace and order to some of those trouble spots, following the intervention of security agents.

The UK High Commission had been very critical of the outbreak of violence in the country, especially the shooting of unarmed protesters at Lekki Tollgate by alleged military personnel, and asked the government to thoroughly investigate the incident and ensure justice is done.

READ: Buhari gives reason for silence on Lekki Tollgate shooting

In its statement, the High Commission said, “We remain concerned by acts of looting and violence in Nigeria and urge security services use restraint as the order is restored. Working with all stakeholders, judicial panels of inquiry must investigate all incidents, including Lekki and ensure accountability for crimes.”

What you should know

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The Judicial Panel of Inquiry set up by the Lagos state government to handle all cases of police brutality in the state have also been mandated to conduct an inquiry into the shooting of unarmed protesters last week.

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Amnesty International earlier said that 12 people were allegedly shot dead by the police and army at two locations during the hijacked protests.

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