Wednesday, February 8, 2023
The Property Reporter
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home
No Result
View All Result
The Property Reporter
No Result
View All Result
Home Hotel

Half Year 2022: Transcorp Group Delivers Sustainable Growth As PBT Hits N13.36bn

PrR by PrR
2022-07-31
in Hotel
0
20
SHARES
152
VIEWS
Share on FacebookShare on Twitter


Transnational Corporation Plc (Transcorp Group), Nigeria’s leading 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.

Highlights

  • PBT grew Significantly by 85%
  • Group Revenue grew by 18% Year on Year.
  • Hotel Business witnesses’ tremendous growth with a 2451% growth in profit before tax and on Track to see record PBT in 2022.

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading 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 N62.9bn, representing a growth of 18% when compared to N53.3bn recorded in the same period under review in 2021. Its operating income grew by 25% from N16.3bn in 2021 to N20.5bn 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%, from N7.1bn to 13.3bn in the period under review , while profit after tax stood at 12.0bn, representing an 85% increase from N6.5bn from the previous year.  The Group’s Shareholders’ funds also grew by 8% from N146.3bn to N157.5bn in the same period.

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.  

News continues after this ad




She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations”

Speaking further on the growth, the President said, “Our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173% over same period last year, demonstrating a strong and sustained  recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.  In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21% (100MW)over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders”.

According to her, Transcorp Group is fully geared up to sustain its growth trajectory for the rest of the year and beyond, notwithstanding the macro-economic issues. “We do not plan to rest on our laurels, and we will continue to surpass past performance” Owen Omogiafo assured its stakeholders.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.

Related



Source link

Previous Post

FOCO Selling Dodgers Bobblehead Of Max Muncy

Next Post

A look inside the most searched Newcastle property on Zoopla in July

Next Post

A look inside the most searched Newcastle property on Zoopla in July

RECOMMENDED

MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript

2022-08-04

Cedar Fair (FUN) Q2 2022 Earnings Call Transcript

2022-08-03

MOST VIEWED

  • Fox Lake hopes to bring hotel to Mineola lakefront site; ‘Recognizing our unique position on the Chain O’ Lakes is a key driver for our progress’ – Chicago Tribune

    753 shares
    Share 301 Tweet 188
  • Doubling Down With the Derricos’ Deon boasts about ‘buying up blocks’ & promotes real estate business after foreclosure

    193 shares
    Share 77 Tweet 48
  • Historic home on 32-acre site annexed into Elgin for new industrial development free to anyone who wants to move it

    156 shares
    Share 62 Tweet 39
  • Plas Glynllifon’s new owner speaks for first time on difficult challenge to renovate mansion

    119 shares
    Share 48 Tweet 30
  • Atlanta developer plans downtown Dallas towers

    94 shares
    Share 38 Tweet 24

Recent Posts

  • MGM Resorts International (MGM) Q2 2022 Earnings Call Transcript
  • Cedar Fair (FUN) Q2 2022 Earnings Call Transcript
  • NYC’s First Half CRE Investment Sales Volume up 99 percent: Report – Commercial Observer
  • Designers share tips for bringing more color into your home
  • Colleges get creative to solve student housing squeeze

CATEGORY

  • Buying a Home
  • Hotel
  • Industrial
  • News
  • Office
  • Residential
  • Retail
  • Selling a Home
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Property Reporter

No Result
View All Result
  • Home
  • News
  • Retail
  • Residential
  • Office
  • Industrial
  • Hotel
  • Buying a Home
  • Selling a Home

© 2021 Copyright Property Reporter