Transnational Corporation of Nigeria Plc (Transcorp) has unveiled its new strategic vision with a view to improving on its performance as well as shareholders’ value.
The company, in its financial results for the year ended December 31, 2019, posted a Profit Before Tax, PBT, of N7.9 billion on a turnover of N76.35 billion.
The company explained that revenue from its power business, Transcorp Power Limited, declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector.
READ ALSO:Shareholders kick against proxy AGMs
The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17 percent and gross profit increased by 19 percent.
In his address to the shareholders, the company’s Chairman, Tony Elumelu, commended the efforts of the government in addressing the scourge of COVID- 19 and reiterated the importance of synergy between the private sector and the government, in stemming the spread of the global pandemic. “I’ve often said that our commitment to improving lives and transforming Nigeria is a lifelong one. Those words are truer today than ever, as we partner with State and Federal authorities to stem the tide of the COVID-19 pandemic, while our businesses seek to cushion its impact for Nigerians in their course of operation.”
The President and Group Chief Executive Officer of Transcorp, Plc, Owen Omogiafo, while addressing shareholders at its 14th Annual General Meeting, AGM held in Abuja said: “The company will continue to protect shareholders’ by ensuring improved dividends.”