By Nkiruka Nnorom
Transnational Corporation (Transcorp) Plc has recorded 147 percent increase in after tax profit, to N5 billion for the first quarter ended March 31, 2022 (Q1’22), from N2 billion posted in the corresponding period in 2021 (Q1’21).
The company’s unaudited financial results filed with the Nigeria Exchange Limited (NGX), showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a 28 per cent increase in revenue to NN31.4 billion from N24.4 billion in Q1’21, while its operating income grew by 45 per cent to N10 billion up from N6.9 billion in Q1’21.
An increase in expenses such as inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets which rose to N417 billion in Q1’22 from N416 billion in Q1’21, just as the shareholders’ funds rose by three per cent to N151 billion from N146.3 billion in Q’21.
Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who described the result as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.
She stated “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022 as we delivered a 28 per cent rise in revenue and 129 per cent rise in profit before tax. We are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”