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Transcorp Plc to improve power generation, transform Nigeria’s economy

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Transnational Corporation (Transcorp) of Nigeria Plc, is set to improve power generation and transform the nation’s economy, as it sets a number of key targets to ensure long term shareholders’ returns and sustainability.

This was disclosed by the President/Group Chief Executive Officer, Transcorp Plc, Owen Omogiafo, during the company’s half year (HY) analyst parley held virtually in Lagos.

According to her, the targets will also ensure that its subsidiaries experience more growth in the current financial year and beyond.

She said, “We will continue to engage the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) to ensure invoices are settled in time to ensure improved liquidity.

“Although COVID-19 affected global businesses last year, the positive economic turnaround in economies, especially Nigeria, had made Transcorp’s H1’21 financial performance better than it was in H1’20.

“With strategic investments in the Power, Hospitality, and Energy sectors, we recorded a profit after tax of N6.5 billion, rising by 713% up from N0.8 billion recorded in June of the previous year.

“Our revenue rose by 53%, from N35.0 billion in June 2020 to N53.3 billion in H1 2021, Gross profit grew by 60%, from N14.7 billion in June 2020 to N23.5 billion in June 2021 while Profit before tax (PBT) rose by 689% from N0.9 billion in June 2020 to N7.1 billion in June 2021.”

The Managing Director, Transcorp Power Limited, Christopher Ezeafulukwe, said the company intends to gradually sustain the increase of power generation over the next 5 years and added that it is targeting 258MegaWatts capacity by December 2021.

He said, “We will continue to engage with key stakeholders to sell our stranded capacity through the West African Power Pool (WAPP), partnerships with Discos, eligible customers, among others.

“We also want to continue to engage with NBET to ensure our invoices are settled on time to improve liquidity.”

What you should know about Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000.

Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its shares are traded at 91kobo as at September 10, 2021.

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