Business

Transcorp sets strategic target for shareholders’ returns

Transnational Corporation (Transcorp) of Nigeria Plc has set a number of key targets to ensure long term shareholders’ returns and sustainability. The management also noted that the targets will also ensure that its subsidiaries experience more growth in the current financial year and beyond.

This is just as it said it will continue to engage the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) to ensure its invoices are settled in time to ensure improved liquidity. The management team who disclosed this yesterday at the company’s half year (HY) analyst parley held virtually in Lagos said it’s optimistic that the group will close the 2021 financial year stronger. While delivering the financial performance of the company in H1 2021, the President/Group Chief Executive Officer, Transcorp Plc, Owen Omogiafo, said that although COVID-19 affected global businesses last year, the positive economic turnaround in economies, especially Nigeria, had made Transcorp’s H1’21 financial performance better than it was in H1’20.

The conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of the previous year. Its revenue rose by 53 per cent, from N35.0 billion in June 2020 to N53.3 billion in H1 2021, Gross profit grew by 60 per cent, from N14.7 billion in June 2020 to N23.5 billion in June 2021 while Profit before tax (PBT) rose by 689 per cent from N0.9 billion in June 2020 to N7.1 billion in June 2021.

 

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