ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

Transcorp Plc half-year performance shows growth as profit leaps by 713%

by Usman Kadri
July 29, 2021
Reading Time: 2 mins read
Transcorp Hotels records impressive turnaround in Q3 2021
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of theprevious year. Other key highlights of the result include the following:

  • Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
  • Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021.
  • Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, she stated.

RELATED STORIES

Fidelity Bank raises more than N127.1bn in first phase of recapitalization, surpassing target

Fitch upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

June 2, 2025

Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.

On the Group’s capacity to sustain its performance, Omogiafo said: “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”

Tags: transcorptranscorp building miamitranscorp hiltontranscorp hilton abujatranscorp hilton lagostranscorp hoteltranscorp hotel calabartranscorp hotels abujatranscorp language servicestranscorp trucking
Next Post
Zamfara Speaker to Deputy Gov: Your invitation has nothing to do with impeachment

Zamfara Speaker to Deputy Gov: Your invitation has nothing to do with impeachment

More Articles...

Fidelity Bank raises more than N127.1bn in first phase of recapitalization, surpassing target

Fitch upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
IHS Nigeria commissions 65 patrol vehicles to enhance G4S Secure Solutions Site Patrols and increase operational efficiency

IHS Nigeria commissions 65 patrol vehicles to enhance G4S Secure Solutions Site Patrols and increase operational efficiency

June 2, 2025
Philip Odiakose joins Institute for Public Relations Measurement Commission

Philip Odiakose joins Institute for Public Relations Measurement Commission

June 2, 2025
Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

June 2, 2025
With giants campaign, FirstBank is truly woven into the fabric of society 

Another milestone achieved: FirstBank disburses N1 billion in one day, through Agent Credit Scheme

June 1, 2025
Tinubu’s bold reforms: How ‘Subsidy is Gone’ sparked Nigeria’s renewed Hope Agenda

Tinubu’s bold reforms: How ‘Subsidy is Gone’ sparked Nigeria’s renewed Hope Agenda

June 1, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport