{"id":50901,"date":"2021-07-30T04:14:03","date_gmt":"2021-07-30T03:14:03","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=50901"},"modified":"2021-07-30T04:14:03","modified_gmt":"2021-07-30T03:14:03","slug":"transcorp-plc-half-year-performance-shows-strong-growth-as-profit-leaps-by-713","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/transcorp-plc-half-year-performance-shows-strong-growth-as-profit-leaps-by-713\/","title":{"rendered":"Transcorp Plc Half-Year Performance Shows Strong Growth As Profit Leaps By 713%"},"content":{"rendered":"<p class=\"yiv0109354735MsoNormal\">Transnational Corporation of Nigeria Plc (Transcorp) has released its\u00a0<span lang=\"EN-US\">unaudited\u00a0<\/span>results for the half<span lang=\"EN-US\">&#8211;<\/span>year ended June 2021, recording significant improvement across its major income lines.<\/p>\n<p class=\"yiv0109354735MsoNormal\">The Conglomerate\u00a0with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn<span lang=\"EN-US\">,<\/span>\u00a0rising by 7<span lang=\"EN-US\">13<\/span>% up from N<span lang=\"EN-US\">0.<\/span>8<span lang=\"EN-US\">bn<\/span>\u00a0recorded\u00a0<span lang=\"EN-US\">in June of the\u00a0<\/span>previous<span lang=\"EN-US\">\u00a0year. Other key highlights of the result include the following:<\/span><\/p>\n<p><span lang=\"EN-US\">Revenue<\/span>\u00a0rose by 5<span lang=\"EN-US\">3<\/span>%<span lang=\"EN-US\">,<\/span>\u00a0from N35.0bn in June 2020 to N5<span lang=\"EN-US\">3<\/span>.<span lang=\"EN-US\">3<\/span>bn in the period under consideration.<\/p>\n<p><span lang=\"EN-US\">G<\/span>ross profit grew by 60%<span lang=\"EN-US\">,<\/span>\u00a0from N14.7bn<span lang=\"EN-US\">\u00a0in June 2020<\/span>\u00a0to N23.5bn in June 2021.<\/p>\n<p>Profit before tax\u00a0<span lang=\"EN-US\">rose by 689% from\u00a0<\/span>N<span lang=\"EN-US\">0.<\/span>9<span lang=\"EN-US\">bn<\/span>\u00a0in June 2020<span lang=\"EN-US\">\u00a0to N7.1b in June 2021<\/span>.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv0109354735MsoNormal\">Commenting on the performance, Transcorp\u2019s President\/Group C<span lang=\"EN-US\">EO<\/span>,\u00a0<span lang=\"EN-US\">Mrs.\u00a0<\/span>Owen Omogiafo, reiterated the\u00a0<span lang=\"EN-US\">Conglomerate\u2019s<\/span>\u00a0commitment towards producing long-term value and sustainable impact<span lang=\"EN-US\">.\u00a0<\/span>\u201c<span lang=\"EN-US\">We are pleased to see the sustained growth in our group\u00a0<\/span>performance<span lang=\"EN-US\">, which\u00a0<\/span>was achieved as a result of the improved performance across all\u00a0<span lang=\"EN-US\">the sectors we operate in<\/span>.<span lang=\"EN-US\">\u00a0The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity\u201d, she stated.<\/span><\/p>\n<p class=\"yiv0109354735MsoNormal\"><span lang=\"EN-US\">Commenting on<\/span>\u00a0the hospitality sector, Omogiafo stated that the company&#8217;s strategic actions have resulted in a growth in revenue of up to\u00a0<span lang=\"EN-US\">84%<\/span>, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries.\u00a0<span lang=\"EN-US\">She expressed confidence in the company&#8217;s recovery strategies, citing the recent official launch of Aura, the company&#8217;s digital hospitality platform, as a testament to that confidence.<\/span><\/p>\n<p class=\"yiv0109354735MsoNormal\"><span lang=\"EN-US\">On the Group\u2019s<\/span>\u00a0capacity to\u00a0<span lang=\"EN-US\">sustain its performance,<\/span>\u00a0Omogiafo said,\u00a0\u201cWe do not plan to rest on our oars.\u00a0<span lang=\"EN-US\">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.<\/span>\u201d<\/p>\n<p class=\"yiv0109354735MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Transnational Corporation of Nigeria Plc (Transcorp) has released its\u00a0unaudited\u00a0results for the half-year ended June 2021, recording significant improvement across its major income lines.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":34904,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8881],"coauthors":[2391],"class_list":["post-50901","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-transnational-corporation-of-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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