Transcorp Plc profits up 713% in H1 2021
Transnational Corporation of Nigeria Plc (Transcorp) recorded a significant improvement in its key revenue lines in the first half of 2021, as its after-tax profit rose 713 percent to N6.5 billion.
The conglomerate disclosed this in its unaudited results for the half-year ending June 2021, which were filed with the Nigerian Exchange. In June last year, Transorp’s profit after tax was N 0.8 billion.
Transcorp Plc, which has strategic investments in the energy, hospitality, and energy sectors, recorded a 53 percent increase in revenue from N35.0 billion in June 2020 to N53.3 billion in the period considered. Also, gross profit grew 60%, from N14.7 billion in June 2020 to N23.5 billion in June 2021, while pre-tax profit increased 689% from N0.9 billion in June 2020 to N7.1b in June 2021.
Commenting on the performance, Transcorp’s President/Group CEO, Ms. Owen Omogiafo, reiterated the conglomerate’s commitment to creating long-term value and sustainable impact.
“We are delighted to see continued growth in our group performance, which has been achieved as a result of improved performance across all sectors in which we operate. supply and increased generation capacity,” she stated.
Commenting on the hospitality industry, Omogiafo said the company’s strategic actions have resulted in revenue growth of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industry. She expressed confidence in the company’s recovery strategies and cited the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that trust.
Investors reacted positively to the company’s report as shares of Transcorp rose 9.68 percent to 96 kobos per share.