- Achieves 2% and 225% increase in PAT for Group and the Company respectively
- Grows Total Comprehensive Income by 31% and 563% for the Group and the Company respectively
Nigeria’s leading diversified conglomerate, Transnational Corporation of Nigeria Plc (“Transcorp”), has released its audited financial statements for the year ended December 31, 2020.
Transcorp achieved ₦75.2billion in turnover and Profit After Tax of ₦3.79billion in 2020, representing a 2.35% increase against ₦3.705billion in 2019. The Group’s Comprehensive income grew by 31%, from ₦3.44 in 2019, to ₦4.516billion in 2020, its Total assets of the Group grew by 8% from ₦313.1billion to ₦338.1billion, while shareholder’s funds increased by 5%, from ₦108.7billion in 2019 to ₦114.4billion in 2020.
Transcorp’s performance was underpinned by execution of the Group’s well-defined strategies to deliver growth and achieve its long term goals.
“We sustained and drove our growth agenda across all our business sectors in 2020, notwithstanding the challenging operating environment, emanating from the COVID-19 pandemic,” said Owen Omogiafo, President/Group CEO of Transcorp.
“We significantly advanced our strategic position as a leading player in the power sector, with the successful acquisition of 100% ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing our total power generation capacity to approximately 2,000 MW. We have also commenced distributing internationally in the West African regional electricity market, as a member of the West African Power Pool (WAPP). We continue to seek opportunities to deepen our position across the power value chain, as we deliver on our promise to power Nigeria”, Mrs Omogiafo said.
Speaking further, Mrs Omogiafo said, “Despite the impact of the pandemic on our hospitality business, we responded quickly by embarking on several initiatives to adapt to the new normal and meet the needs of guests and staff in the pandemic era, whilst intensifying cost-saving mechanisms to minimise the losses brought about by the pandemic.”
Commenting on the results, the Chairman of Transcorp, Tony O. Elumelu CON, said, “Businesses across the globe had to adapt, be innovative and learn to manoeuvre the volatile macroeconomic environment the Covid-19 pandemic created. Though tough for all, we demonstrated our resilience and continued relentlessly in our mission to ensure we improve lives and transform Nigeria. By growing our investments in power and hospitality, we were able to continue to develop our businesses and generate the long-term value our shareholders expect.”
Speaking on Transcorp’s outlook for 2021, Mrs Omogiafo emphasised the Group’s focus on increasing momentum across all business lines. Transcorp Hotels Plc recently launched its asset-light business, ‘Aura by Transcorp Hotels’, which leverages technology to provide travellers with accommodation options across Africa. Aura is a digital play that would revolutionalise the African hospitality industry and position Transcorp Hotels, to continue to dominate and increase its footprint across Africa.
Mrs Omogiafo also highlighted the Group’s ground-breaking advances in its integrated gas-to-power strategy, leveraging its OPL 281 asset and its partnership with Heirs Holdings, in the acquisition of OML 17 to meet the gas requirements for its power business.
“We have laid a strong foundation for sustainable growth. We remain focused on to creating long-term value for all stakeholders and to position Transcorp as a flagship Pan African conglomerate,” the President/GCEO said.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000.
Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.