Transcorp records N13.4b Profit After Tax in Q3 | Dailytrust

Transcorp records N13.4b Profit After Tax in Q3

Transnational Corporation of Nigeria (Transcorp Plc ) has posted a N13.467 billion Profit After Tax (PAT) for third-quarter 2021.
The performance represents  N11.721 billion growth, compared with N1.746 billion recorded in the third quarter of 2020. It also showed a 672.1 per cent year-on-year change.

The group also said its profit before tax for the quarter of 2021 stood at N14.127 billion, a N12.107 billion increase from N2.020 billion recorded in the same quarter in 2020, with a 599.5 per cent Y-o-Y change.

The group’s gross earnings and gross profit stood at N85.588 billion and N39.366 billion, respectively, compared to N54.378 billion and N22.723 billion recorded as of September 30, 2020.

Speaking during the group’s financial performance report- Transcorp Q3 2021 Analyst Presentation and Investor Call’, President/Group CEO, Transcorp Plc, Owen Omogiafo, said: “Transcorp Plc remains a diversified conglomerate with commanding presence in the power, oil & gas and hospitality sectors.

“We also have strong financial performance with an aggressive growth agenda.  Our deeply rooted values are the 3Es of execution, enterprise and excellence,” she said.

With key investments in the hospitality, energy and power sectors, the group’s hospitality business recorded a 115 per cent increase in revenue from N6.791 billion in Q3, 2020 to N14.601 billion in Q3 2021.
Its gross profit saw a 149 per cent increase from N4.342 billion recorded in Q3, 2020 to N10.829 billion recorded in 2021 for the same period.

For its hospitality business, the group proposed to construct Transcorp Hotels in Port Harcourt by 2024; build a 3,000 banquet-seating capacity event centre in Abuja in 2022; build a lifestyle centre in Ikoyi; upgrade Transcorp Hotels, Calabar and refurbishment of its key food and beverage outlets by 2022.

In its power segment review, Transcorp said for its Q4 2021 target, 575 MW average capacity was generated for its Transcorp Power Limited and 102 MW for its Trans Afam Power Limited as against the 677 MW and 166 MW average available capacity.

“The current available capacity for TPL and TAPL are 539MW and 120MW, respectively.

“Our plants are undergoing significant upgrades and repairs that will significantly increase the available capacity by December 2021.

“Given the gap in the sector and the increasing demand for electricity, the power sector remains an attractive investment choice,” the group said.

The group added that at the core of its purpose of improving lives and transforming Nigeria is its corporate social commitment driven through its 3E social impact pillars: entrepreneurship and empowerment, education and environment.

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