SHAREHOLDERS of Nigeria’s leading listed diversified conglomerate, Transnational Corporation Plc (“Transcorp”), has announced a significant growth across all metrics with Profit after Tax soaring to N23.8 billion from its PAT in 2020.
The Group met today for the Group’s 16th Annual General Meeting, held at the Group’s hospitality flagship, Transcorp Hilton Abuja and declared that Gross Earnings increased to N111.2 billon in 2021, from N75.3 billion in 2020.
Profit Before Tax increased to N27.99 billon, from N1.6 billon. Profit After Tax recorded in 2020 was N3.8 billion, while 2021 saw an increase by N23.8 billion and total assets grew to N416 billion in 2021 from N319.2 in 2020
Group Chairman, Tony Elumelu 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.”
He continued by underlining the Group’s corporate responsibility to its communities. “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 (ESG) 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 delivering long-term value and good to all our stakeholders.”
The Chairman showed appreciation by thanking shareholders, for their valuable support during the year. He also thanked all members of the Transcorp Group for their utmost dedication towards the vision of creating sustainable value for their stakeholders.
The President of Transcorp Group, Mrs. Owen Omogiafo, also spoke to the Group’s innovation in the hospitality business demonstrated by the launch of its digital hospitality platform, Aura by Transcorp Hotels in 2021, and highlighted the ongoing investment in assets in 2022, with the commissioning of a best-in-class Spa, and a 3,000 person capacity multipurpose hall, both at the Transcorp Hilton Abuja.
“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.” Omogiafo said.
The shareholders also approved the change of the company’s name to Transnational Corporation Plc to reflect its new commitment to expanding its impact beyond Nigerian. It off all