The Transnational Corporation (Transcorp) Plc, whose name change was approved by the shareholders at the Company’s 16th Annual General Meeting, held at the Congress Hall, Transcorp Hilton, Abuja has reiterated its commitment to building socially responsible and impactful businesses in key strategic economic sectors that served its different stakeholders.
Highlighting the company’s key financial performance that propelled the company towards sustaining its year on year growth, Elumelu said that “Transcorp Power Plc’s revenue improved by 14% from N65.1bn to N74.3bn, accounting for around 70% of the total Group revenue. He further noted that Transcorp’s investment in Trans Afam Power Limited was also consolidated in the Group financials in 2021, accounting for 15% of revenue and 25% of the Group’s total assets as of December 2021.”
He continued further to reaffirm the company’s commitment to ESG stating “Transcorp, as a responsible corporate citizen, has consistently embraced and sustained this corporate culture and social commitment by driving the integration of Environmental, Social and Governance(ESG) criteria in all aspects of the businesses’ dealings and investment decisions”
Continuing, Elumelu said that the organisation remained unwavering in its commitment to sustainable growth, ensuring consistency in the creation of an efficiently functioning organisation driven by a mission to deliver long-term value.
Speaking on the name change, the Chairman assured shareholders of the Group’s commitment to continue to deliver value for all stakeholders sustainably, adding, “As we look to the future, we are deliberate on building an organisation that will transcend generations cutting across various industries across Africa. Our new identity as Transnational Corporation Plc will reposition the Group as a force to be reckoned with within and outside Africa.
The President of Transcorp Group, Mrs Owen Omogiafo said that Transcorp recorded tremendous improvements in all key financial parameters in 2021.
She noted that the Gross Earnings of the Group increased to N111.2 billion in 2021 from N75.3 billion in 2020. In the same vein, Profit Before Tax for the group increased to N28 billion from N1.6 billion recorded in 2020 while profit after tax increased to N23.8 billion in 2021 from N3.8 billion in 2020. The Group’s total assets grew significantly to N416 billion in 2021 from N319.2 in 2020.
“We are optimistic about the Group’s strategic direction and ability to deliver value. Our performance underlines the success of our long-term strategy of sustainable growth, diversifying our revenues, and accessing new business opportunities to deliver superior returns to all our stakeholders.” Omogiafo said.
Omogiafo further stated that Transcorp’s hospitality business was, boosted by the launch of its digital hospitality platform, Aura by Transcorp Hotels in 2021.
Shareholders at the event praised the Board, Management and staff of the conglomerate for a rewarding 2021 financial year and approved the payment of a cash dividend of 2 Kobo per share for the year ended December 2021.