Despite gas and infrastructure challenges in the sector, Transnational Corporation Plc (Transcorp Group), said its Power subsidiaries recorded N98.2 billion revenue in the third quarter of 2023.
This, however, helped the conglomerate to achieve a total income of N128 billion during the period compared to N96.2 billion in the same quarter of 2022, about 33% growth year-on-year while operating income also grew by 36% to close at N42.7 billion as of September 2023, compared to N31.5 billion in September 2022.
The power subsidiaries are Transcorp Power, Transafam Power, and Transcorp Energy.
In its unaudited results filed with the Nigerian Exchange (NGX), Transcorp saw its Operating Income grew 36% from N31.5 billion in September 2022 to N42.7 billion in September 2023 while total Assets increased by 8% from N442.7 billion in December 2022 to N479.8 billion in Q3 2023
According to the report, Hospitality businesses sustained strong growth, recording 31.76% growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62% from N3.4bn to N5.5bn
ALSO READ:
- SANWO-OLU SIGNS LAGOS ELECTRICITY BILL
- NNPC Committed to Advancing Local Content in Nigeria’s Energy Sector
- TCN Restores Bulk Power Supply via Ahoada-Yenagoa 132kV Line
- NAE, STAC Marine celebrate one year of partnership, sign Pact for Safety
- Hybrid Group graduates 15 HSE trainees in Lagos
Speaking on the development, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, expressed enthusiasm and confidence in the Group’s performance trajectory, stating:
“Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”
“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Dr. Omogiafo.
Transcorp Group is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors.
Other subsidiaries are Transcorp Hilton Abuja and Transcorp Hotels Calabar.
