Transcorp’s half-year profit leaps by 713%

Transnational Corporation of Nigeria (Transcorp) has recorded a 713 percent growth in its half-year profit.

The conglomerate, with strategic investments in the power, hospitality and energy sectors, recorded a Profit After Tax (PAT) of N6.5 billion, rising by 713% as of June 2021, up from N0.8bn recorded in June 2020.

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Other key highlights of the result saw revenue rose by 53%, from N35bn last year to N53.3bn; gross profit grew by 60% from N14.7bn to N23.5bn June this year.

Its Profit Before Tax (PBT) rose by 689% from N0.9bn in June 2020 to N7.1bn in June.

Transcorp’s President/Group CEO, Mrs Owen Omogiafo, said, “We are pleased to see the sustained growth in our group’s performance which was achieved as a result of 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.”

“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,” she noted.