Transnational Corporation Group total assets hit N416bn

The Transnational Corporation Group Plc total assets grew to N416 billion in 2021 from N319.2 billion in 2020, while it recorded N111.2 billion in Gross Earnings in 2021 from N75.3 billion generated in 2020.

Profit Before Tax (PBT) for the Group also increased to N28 billion in 2021, from N1.6 billion in 2020, while Profit After Tax (PAT) similarly increased to N23.8 billion from N3.8 billion in 2020.

The impressive performance of the Group was enhanced by Transcorp Power Limited’s revenue which improved by 14 percent from N65.1 billion to N74.3 billion, accounting for about 70 percent of the total Group revenue. In the same vein, PBT for the power company increased by 92 per cent from N12 billion to N23.1 billion.

Chairman of Transnational Corporation Group Plc, Mr Tony Elumelu, said at the Annual General Meeting (AGM) held in Abuja Thursday that the excellent return of Transcorp Power Limited, again validated the investment and commitment of the Group to the critical power sector in the country.

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He said: “All of us need to realise the strategic need for power. The government has done much; if you are owed about N70 billion you can’t invest. Something is being done but we need to do more.”

Mr Elumelu reiterated that wealth creation is in the DNA of Transcorp as the Group has a track record of creating significant wealth for its shareholders.

He explained that the occupancy rate of Transcorp Hilton Hotel has surged to over 90 per cent post-COVID-19 era, signifying that the Group is looking beyond today, but going into long term investments.

As a company of the future, Mr Elumelu disclosed that Transcorp has acquired massive land in Port Harcourt and Lagos for the development to develop a world-class hospitality industry.

The President/GCEO, Owen Omogiafo, said the Group remains committed to building a sustainable business and delivering value to all her shareholders in line with the purpose of improving lives and transforming Nigeria, and indeed Africa.