Transnational Corporation of Nigeria Plc (Transcorp) has released its audited financial statements for the year ended December 31, 2020, showing a revenue of N75.271 billion and profit after tax (PAT) of N3.792 billion.
Total assets of the group grew by eight per cent from N313.1billion to N338.1billion, while shareholders’ funds increased by five per cent, from N108.7 billion in 2019 to N114.4 billion in 2020.
According to President/Group CEO, Transcorp Plc, Owen Omogiafo, the performance was underpinned by execution of the group’s well-defined strategies to deliver growth and achieve its long term goals.
“We sustained and drove our growth agenda across all our business sectors in 2020, notwithstanding the challenging operating environment, emanating from the COVID-19 pandemic.
“We significantly advanced our strategic position as a leading player in the power sector, with the successful acquisition of 100 per cent ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing our total power generation capacity to approximately 2,000 MW,” she said.
She said the company has commenced distributing internationally in the West African regional electricity market, as a member of the West African Power Pool (WAPP).
The CEO added that it continues to seek opportunities to deepen its position across the power value chain, as it delivers on its promise to power Nigeria.
“Despite the impact of the pandemic on our hospitality business, we responded quickly by embarking on several initiatives to adapt to the new normal and meet the needs of guests and staff in the pandemic era, whilst intensifying cost-saving mechanisms to minimise the losses brought about by the pandemic,” Omogiafo added.
Speaking on Transcorp’s outlook for 2021, Omogiafo emphasised that the group was focused on increasing momentum across all business lines.
“Transcorp Hotels Plc recently launched its asset-light business, ‘Aura by Transcorp Hotels’, which leverages technology to provide travellers with accommodation options across Africa.
“Aura is a digital play that would revolutionalise the African hospitality industry and position Transcorp Hotels, to continue to dominate and increase its footprint across Africa,” she said.
Commenting on the results, the Chairman of Transcorp, Tony Elumelu, said: “Businesses across the globe had to adapt, be innovative and learn to manoeuvre the volatile macroeconomic environment the Covid-19 pandemic created.
“Though tough for all, we demonstrated our resilience and continued relentlessly in our mission to ensure we improve lives and transform Nigeria. By growing our investments in power and hospitality, we were able to continue to develop our businesses and generate the long-term value our shareholders expect.”