Transnational Corporation of Nigeria Plc (Transcorp) has announced its audited results for the year ended 31stย Decemberย 2018, with a 94% growth in Profitย After Tax (PAT) of โฆ20.6bn inย 2018ย compared to โฆ10.6bn in the prior year.
The Group, Nigeriaโs leading diversified listed conglomerate, recorded an unparalleled improvement within the year as turnover grew by 30% to โฆ104.2bn. Profit Before Tax (PBT) increased to โฆ22.4bn from โฆ12.3bn inย 2017, depicting an 82% year-on-year growth.
Ozigbo
โWeโre proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy,โ said Valentine Ozigbo, Transcorpโs President and Chief Executive Officer, who took over at Transcorp in Januaryย 2019.ย โWe will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals,โ he added.
He further stressed that โThis result was achieved due to the increased revenue from the power and hospitality segments of the group. In addition, we were able to cut down on our loss from Forex arising from financing activities by 30% year-on-year as we experiencedย a relatively stable exchange rate during the fiscal year-endedย 2018, this no doubt impacted our Profit before tax as it soared 82% year-on-year.โ
Mr. Ozigbo added โTranscorp Power Ltd has continued to explore opportunities created by the eligible customer framework initiated by the Federal Government. We are at an advanced stage of negotiations with a number of eligible customers, which will translateย into transactions in the months ahead. Our hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability inย 2018, displaying the impact of our recent US$100m upgrade at the Transcorp Hilton Abuja and the immense value placed onย the hotelโs best-in-class hospitality services.โ
Elumelu
Reflecting on the results, the Chairman of Transcorp, Mr. Tony O. Elumelu, CON, stated, โWe remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guestsย with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.โ
Transcorp is a publicly quoted conglomerate with a diversified shareholder base of about 300,000. Its portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. The conglomerateโs notableย businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power and Transcorp Energy.