Transcorp records N75.3bn profit

The Transnational Corporation of Nigeria Plc (Transcorp) Group recorded N75.3 billion gross earnings in 2020, dropping by N1bn due to the COVID-19 pandemic effects.

Chairman of Transcorp Plc, Mr Tony Elumelu said this while presenting the 2020 Annual Report and Financial Statement to shareholders of the company at the AGM in Abuja on Monday.

• BREAKING: I won’t allow paid agents drag me to the mud, Pantami fires back
• How MFBs grew loan to N547bn in 2020 — Report

The company’s financials showed that the gross earnings for the Group reduced to N75.3bn in 2020 from N76.3bn in 2019. Gross earnings for the company reduced to N2.7bn in 2020 from N3.2bn in 2019.

Profit before tax reduced to N1.6bn in 2020 from N7.9bn in 2019; profit before tax (PAT) for the company increased to N2.7bn in 2020 from N1.2bn in 2019.

However, the PAT for the Group increased to N3.8bn in 2020 from N3.7bn in 2019 while PAT for the company rose to N2.4bn in 2020 from N0.7bn in 2019.

Elumelu said “this year, the Group and its subsidiaries will consolidate on the new business lines in 2021 even as it hopes to open new prospects.”

In the hotels segment, he said Transcorp Hotels will continue with the recent products introduced like the drive-in-cinema, outdoor catering services, laundry and several others.

Meanwhile Transcorp Hotels Plc also held its AGM on Monday in Abuja, where the Chairman, Transcorp Hotels, Mr Emmanuel Nnorom, said it was significant that the company posted N10.38bn earnings in spite of operating at less than half the capacity most part of the year.

“We will continue to grow and diversify our portfolio products & services that will deliver strong performance as well as superior quest experience and excellent service across our key locations.”

The MD/CEO Transcorp Hotels Dupe Olusola said the hotel is now offering vacations and destination experiences to its customers as part of its new line of business.