…as group total assets increased by N416.0 billion To N421.2 billion
The Transnational Corporation Group is planning to increase its electricity generation capacity by 157 megawatts thereby hitting 690 megawatts from its current generation capacity of 553 megawatts (MW).
The group’s total assets increased by 1.3 percent from N416.0 billion in December 2021 to N421.2 billion in Q3 2022, despite the extremely challenging business environment it operated in,
Also, its shareholders’ funds rose to N161.8 billion, representing an 11 percent year-on-year increase from N146.3 billion.
These were contained in the company’s “Facts Behind the Figures” which was presented to capital market operators on the trading floor of the Nigeria Exchange in Lagos recently
According to Owen Omogiafo, President of Transcorp Group, she stated that the company’s overall strategic objective is to fully optimize its existing assets to ensure it consistently delivers value and high returns to stakeholders.
He stated that the company targets to further increase average available capacity to 690 MW, above this year’s target generating capacity of 553 MW.
“We successfully increased and maintained the available plant capacity from 48MW at the time of takeover to 188MW with minimum CAPEX requirements between time of administrative handover in March 2021 and September 2022,”
On future plans, she enumerated the efforts being made to improve performance of otherwise non-operational power generation facility, citing the commissioning of GT20 with an additional capacity of 138MW in September, as well as gas supply facilities.
She said “We revived the GT20 which has been non-operational for 15 years; and our execution of a gas supply agreement with AccuGas and HHOG, discussion with other gas supply channels to ensure we have a steady gas supply are part of our strategies to deliver impressive returns.
“We will remain resolute as we execute our strategic priorities in 2022,” adding “our key priority is to achieve set targets for the year across the various operating segments.”
With the improvement in installed capacity and gas supply, we are looking forward to finishing strong in 2022 and a solid start in 2023.”
The conglomerate which investments spread across power and oil & gas sectors and the hospitality sector, recorded growth in its profit after tax which rose by 41.4 per cent to N19 billion up from N13.3 billion recorded the previous year in September 2021. Its profit before tax grew by 47.7 percent to ₦20.9 billion in September 2022, higher than ₦14.1 billion recorded in a similar period in 2021.
The Transnational Corporation Group is looking to deliver consistently, impressive returns to all stakeholders on the back of massive investments in power generation, existing assets in hospitality industry, and other assets across various operating segments.
Dupe Olusola, Managing Director and Chief Executive Officer, while commenting on Transcorp Hotel Plc, said the company rose from the grave impact of COVID-19 pandemic on hospitality industry, their flagship business, to deliver consistent profits in the three quarters of 2022.
She said that despite ravaging inflation, foreign exchange volatilities and insecurities, the management has ensured maximum efficiency and consistently delivered superior services to guests, maximised revenue and creatively explored ways to optimise key business segments to drive consistent growth.
“Our key focus will be a continued investment in innovation that allows us to be dynamic and agile whilst delivering superior offerings and service,” adding that the Ikoyi-Lagos branch of Transcorp Hotel would come into operation by 2023 to add more value to their earnings.”
She expressed the hope that the company would continue to surpass industry benchmarks and targets across key performance indicators, stressing that the 2022 strategic target for Transcorp Hilton Abuja is pegged at 73 percent, while that of Transcorp Hotels Calabar at 53 percent.
In the fiscal year under review, the conglomerate recorded impressive growth in its profit after tax which rose by 41.4 percent to N19 billion up from N13.3 billion recorded the previous year in September 2021; while profit before tax grew by 47.7 percent to ₦20.9 billion in September 2022, higher than ₦14.1 billion recorded in the similar period of 2021.
Operating Income also grew by 14.5 percent from N27.5 billion in September 2021 to N31.5 billion in September 2022, while Operating expenses for the quarter ended September 2022, stood at N16.0 billion, representing an increase of 30.9 percent compared to N12.2 billion recorded in the same period of 2021.
Total assets increased by 1.3 percent from N416.0 billion in December 2021 to N421.2 billion in Q3 2022 just as shareholders’ funds rose to N161.8 billion, representing an 11 percent year-on-year increase from N146.3 billion.
