The President /Chief Executive Officer of Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Valentine Ozigbo, has said the conglomerate with interests and investments in hospitality, power, oil and Gas and others, remains committed to deliver superior value to all stakeholders.
Ozigbo, stated this while presenting the company’s ‘Facts behind the figures’ to stockbrokers and the investing public at the Nigerian Stock Exchange (NSE) in Lagos.
According to him, the management would focus on cost management strategies to ensure marked improvement in the 2019 financial year.
Transcorp grew its revenue for the year ended December 31, 2018 by 30 per cent to N1014.16 billion, while profit after tax soared by 94 per cent to N20.6 billion, from N10.6 billion in 2017.
Ozigbo, said the businesses has been well positioned to continue to perform profitably and deliver value to numerous investors.
He said: “Today, we own and manage the best business hotel in Africa, and are intent on improving tourism in Nigeria and beyond. We own and manage one of the most strategic power assets in Nigeria, and aim to meet the power needs of one out of every four Nigerians, and through this, help in poverty eradication and improving Nigeria’s competitiveness.
“Our businesses are contributing unprecedented revenue and profits in the history of the group and we are also stronger in corporate governance and now consistently among the first three companies quoted on this exchange, who each year successfully finalise their audited accounts and organise their AGMs.”
He said plans were in motion to ensure that the conglomerate grows by leaps and bounds based on the strategic investments in the last couple of years.
“We will deepen our play in the sectors we currently operate in, operationalise our oil asset and invest in more sectors. With the support of the stakeholders, especially the entire capital market community, we will be that conglomerate Nigerians will be proud of,” Ozigbo said.
Transcorp has so far injected about $1 billion in power projects with a combined capacity of 700 megawatts and was among those who bid for Afam Electricity Generation Company.
Meanwhile, the stock market sustained its bearish run for the third as the NSE All-Share Index fell 0.67 per cent to close at 30,829.45. Similarly, volume and value dipped 8.5 per cent and 16.6 per cent to 131.4 million shares and N1.4 billion respectively.