Transcorp revs up expansion drive for improved returns
As part of its strategic thrust for brand building and extension, Transcorp Plc, has resolved to continue to improve operational and cost effectiveness as well as explore opportunities to expand product offering.
Giving an update on the recent developments by Transcorp Plc in Lagos on Friday, President/CEO of the company, Emmanuel Nnorom noted that the organisation has already made significant progress in its hotel and power businesses, a development that is already impacting positively on the company’s performance
According to Nnorom, ‘’Transcorp, has made several important business decisions which will have significant impact on its fortunes. Some of the strategic initiatives outlined by the President include, additional turbines for power generation, increase in the output of the plant from 160MW to 650 megawatts in 2015 and being on track to deliver 850 megawatts of available capacity in 2016.
“Our target is to be responsible for at least 25 per cent of the total power generated in Nigeria. Currently, challenges to the actualisation of these goals include but not limited to supply of good quality gas, transmission losses and inadequate evacuation infrastructure and payment of owed debts to Transcorp Power limited by MBET.
“Despite these challenges, Transcorp Power limited is determined to forge ahead in the discharge of her primary objectives and in the creation of lasting value for Nigerians at large.
“Further significant progress was shown in the hospitality arm of the business. Transcorp Hotels plc successfully closed Tranches 1 and 2 of its N30 billion bond issuance programme, which is intended to fund the upgrade of Transcorp Hilton Abuja and the development of a multipurpose banquet centre. Other major ongoing projects include the Transcorp Hilton Ikoyi, pilling is expected to be completed by May 2016.”
He disclosed that Transcorp Hilton Port Harcourt has gotten the necessary planning approvals from the Rivers State Government and “we are currently revising our design to optimise the use of the expanded site.”
Nnorom added that “Transcorp Hilton’s Abuja will be upgrading 670 rooms in the next 18months. The current focus is on the installation of new elevators and procurement of fittings for guest and meeting rooms. In addition, external works on construction of a new access way, warehouse and car park have commenced.”
reiterated the commitment of the Transcorp Power limited to increase the capacity of the power plant in the short term.
‘We have repositioned the Ughelli Power Plant towards contributing significantly to the government’s plan to generate 10,000mw before the end of next year. It is our plan that that we will contribute significantly to the energy pool,’ Fadeyibi said