Transcorp Reports N111.2 Billion Earning In 2021

Transnational Corporation Plc’s earnings increased to N111.2 billion in the 2021 financial period.

This was disclosed during the Group’s 16th annual general meeting in Abuja.

The statement said, “The Group saw significant growth across all metrics. Group gross earnings increased to N111.2bn in 2021, from N75.3bn in 2020.

“Profit before tax increased to N27.99bn, from N1.6bn.  Profit after tax recorded in 2020 was N3.8bn, while 2021 saw an increase by N23.8bn, and total assets grew to N416bn in 2021 from N319.2bn in 2020.”

Tony Elumelu, the Group Chairman, expressed his delight in the positive performance across all sectors within the Group.

“Shareholders, I am sure you will share with me the considerable satisfaction of knowing that our company has continued to surpass its past performance, despite the macroeconomic difficulties.

“Our priority in 2022 is to continue optimising our existing assets and pursuing growth opportunities.  This is critical to ensure sustainable growth in an ever-changing operating landscape.”

While speaking on the Group’s corporate responsibility to its communities, he said, “At the core of Transcorp’s purpose is a commitment to building socially responsible and impactful businesses in key strategic economic sectors that serve our diverse stakeholders.

“Transcorp, as a responsible corporate citizen, has consistently embraced and sustained a corporate culture and social commitment by driving the integration of environmental, social, and governance criteria in all aspects of the business dealings and investment decisions.

“As a group, we remain unwavering in our commitment to sustainable growth, driven by a mission to deliver long-term value and good to all our stakeholders.”

According to the statement, Owen Omogiafo, President of Transcorp Group, also spoke on the Group’s innovation in the hospitality business demonstrated by the launch of its digital hospitality platform, Aura by Transcorp Hotels, in 2021.

Omogiafo said, “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.”