Shareholders laud Transcorp’s 30% rise in revenue
Shareholders of Transnational Corporation of Nigeria Plc, have commended the Board and Management for their remarkable achievements recorded in the financial performance in 2018.
Transcorp’s results for the financial year ended December 31, 2018, showed that the Group’s revenue hit an impressive N104.16billion representing a 30% revenue growth compared to the preceding year’s results. Profit Before Tax closed the year at N22.40billion; a significant leap compared to the Profit Before Tax of N12.31billion recorded in 2017.
Speaking at the company’s 13th Annual General Meeting, held at the Transcorp Hilton, Abuja, weekend, the shareholders lauded the management for remarkably exceeding the financial performance in previous years, while positively impacting the lives of its stakeholders across the country.
While addressing the shareholders at the meeting, the President/Chief Executive Officer (CEO) Transcorp, Valentine Ozigbo, said: “the group’s performance for the year ended 2018, is the result of an unflinching commitment to deliver superior value to our wide clientele base.”
Elaborating further, he said, “Our hospitality business recorded a 26% increase in revenue year-on-year, as the Transcorp Hilton Abuja, saw an increase in occupancy following the release of the newly upgraded rooms after the $100million upgrade of the hotel. Our power business also achieved a 31% increase in revenue year-on-year; a testament to an operating environment characterised for the most part, by stability in gas supply, foreign exchange rates and the payment assurance programme of the federal government. These, and our focused efficiency measures across the Group resulted in a 23% reduction in operating costs, ensured that our Profit Before Tax soared by 82% year-on-year.”
The National President, Association for the Advancement of Rights of Nigerian Shareholders, Dr. Faruk Umar, applauded the management of Transcorp for keeping their promise to deliver superior returns to shareholders. “We are over N22billion (PBT), and we are sure this trend will continue.” He also thanked Transcorp for consistently emerging as the first company quoted on the Nigerian Stock Exchange to host its AGM, which he described as a mark of strong corporate governance.
The Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, used the occasion to congratulate President Muhammadu Buhari for his re-election, and urged him to prioritise the power sector. He also spoke on the importance of creating an enabling environment for domestic investors to succeed, emphasising that the steady supply of power will boost businesses and make the economy more competitive. “Transcorp Plc remains committed to the purpose for which it was founded, which is to improve lives and transform Nigeria,” he said.