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Transcorp sustains growth as pre-tax profit rises 85% to N336bn H2’2022

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Written by enews

Transnational Corporation Plc (Transcorp Group), a conglomerates with investments in Hospitality, Power, and Oil & Gas sectors, has released its half-year results for the year ended June 30th, 2022, showing an improved performance across all its major investment lines.

The conglomerate with strategic investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9 billion, representing a growth of 18 per cent when compared to N53.3 billion recorded in the same period under review in 2021. Its operating income grew by 25 per cent from N16.3bn in 2021 to N20.5 billion in the same period.

Its half-year un-audited results released to the Nigerian Stock Exchange (NGX) also showed that profit before tax grew by 90 per cent, from N7.1 billion to 13.3 billion in the period under review , while profit after tax stood at 12.0bn, representing an 85 per cent increase from N6.5 billion from the previous year. The Group’s Shareholders’ funds also grew by eight per cent from N146.3 billion to N157.5 billion in the same period.

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Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.

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