The leading and largest listed diversified conglomerate in Nigeria, Transnational Corporation of Nigeria Plc (Transcorp), has released its unaudited report for the third quarter (Q3) ended September 30, 2021.
The report showed sustained growth in 2021, as seen in the first two quarters of year.
With strategic investments in power, hospitality, and energy sectors, the conglomerate recorded a profit before tax of N13.5 billion, representing a 617% increase from N1.75 billion recorded during the same period in 2020.
According to the report, revenue rose by 57%, from N54.4 billion in Q3 2020 to N85.6 billion in the period under review. Gross profit grew by 74%, from N22.7 billion in Q3 2020 to N39.4 billion in Q3 2021.
Speaking on the performance, its President/Group Chief Executive Officer, Mrs. Owen Omogiafo, said: “The results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. Our power business increased by 49% year-on-year, while our hospitality business increased by 115%.”
Omogiafo said the company intends to complete the year with another quarter of excellent year-on-year growth, thanks to its scalability and sustainability strategy.
“Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our hospitality business and its recovery following the impact of the COVID-19 pandemic. We have remained on track regarding our capacity recovery plan in our power business and despite the systemic challenges in the power sector, Transcorp remains a strong contributor to the power generated in the country. We will continue to drive operational efficiency and focused on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of improving lives and transforming Nigeria,” she added.