Transcorp declares 672% increase in quarterly profit

Transnational Corporation of Nigeria has said its profit after tax rose by 672 percent to N13.47bn in the third quarter of 2021 from N1.75bn in the same period last year, TopNaija reports.

This was disclosed during the company’s Q3 2021 analyst presentation and investor call.

The President/Group Chief Executive Officer, Owen Omogiafo, and other top executives of the company made presentations on the recent achievements of Transcorp during the virtual event.

Transcorp said its profit before tax rose by 599.5 per cent to N14.13bn in Q3 2021 from N2.02bn in the same period last year.

The company’s gross profit rose by 73.2 per cent to N39.37bn from N22.72bn, while its gross earnings rose by 57.4 per cent to N85.59bn from N54.38bn.

Its total assets rose by five per cent to N355.55bn in Q3 2021 from N338.2bn in the same period a year earlier.

The company said its corporate social commitment, driven by social impact pillars, comprising of environment, education and empowerment, was helping to improve lives and transform Nigeria.

 

Transcorp said it was seeking to build and operate scalable (25MW–150MW) nuclear energy-powered electricity generating plants in Nigeria.

A publicly quoted conglomerate with a diversified shareholders base of about 290,000 investors, Transnational Corporation of Nigeria plc (or Transcorp), is a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors. Its notable assets include Transcorp Hotels plc (Transcorp Hilton Hotel, Abuja and Transcorp Hotels, Calabar); Transcorp Ughelli Power Limited and Transcorp Energy Limited (operator of OPL 281).