Transcorp Records Accelerated PBT Growth Of 671%

 

… As hospitality subsidiary, returns to profitability

Transnational Corporation of Nigeria (Transcorp) Plc has recorded an accelerated Profit Before Tax, PBT for its unaudited results for the third quarter ended September 30, 2021, Q3’21 indicating sustained growth 2021 as seen in the first two quarters of year. Specifically, Profit Before Tax, accelerated by 671 per cent to a significant N13.5billion in Q3’21 from N1.75 billion recorded in the previous year.

With strategic investments in the power, hospitality, and energy sectors, the conglomerate recorded a Profit After Tax, PAT of N13.5 billion rising by 617 per cent up from N1.75billion recorded in the previous year.

Other key highlights of the result showed that revenue rose by 57 per cent to N85.6 billion in the period under consideration from N54.4 billion in Q3’20. Gross profit grew by 74 per to N39.4 billion in Q3’21 from N22.7billion in Q3’20.

Commenting on the performance, Mrs. Owen Omogiafo, President/Group CEO of Transcorp, said:”the results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. Our power business increased by 49 per cent year on year, while our hospitality business increased by 115 per cent.”

Omogiafo indicated that the company intends to complete the year with another quarter of excellent year-over-year growth, thanks to its scalability and sustainability strategy.

Omogiafo said, “Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our Hospitality business and its recovery following the impact of the Covid pandemic. We have remained on track regarding our capacity recovery plan in our Power business and despite the systemic challenges in the Power sector, Transcorp remains a strong contributor to the power generated in the country. We will continue to drive operational efficiency and focused on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of Improving Lives and Transforming Nigeria.”

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