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Tag: Transcorp

  • Transcorp Power revenue rises by 115%

    Transcorp Power revenue rises by 115%

    • Shareholders to get N37.5b dividends

    Transcorp Group’s electricity subsidiary of Transcorp Power Plc, has achieved 115 per cent increase in pre-tax profit. The company posted N305.9 billion in its full year 2024 revenue results.

    The company plans to pay a full year dividend of N37.5 billion, demonstrating strong returns on investment for shareholders.

    In the Company’s latest audited results, released yesterday to the Nigerian Exchange (NGX), Transcorp Power also reported 165 per cent growth in Profit After Tax (PAT) to N80 billion. The figure is higher than N30.2 billion in the previous year.

    The firm’s revenue growth stood at N142.1 billion recorded at the end of the 2023 while gross profit also rose significantly by 89 per cent from N75.4 billion in 2023 to N142.2 billion.

    The performance demonstrates strong operational leadership and strategic execution.

    The financial results showed that following the complete repayment of its dollar loan, the company’s gearing ratio reduced significantly from 64.48 per cent at the end of 2023 to 29.70 per cent in 2024, indicating improved financial stability.

    Return on assets increased from 13.53 per cent in December 2023 to 20.17 per cent in December last year, while the company’s return on equity grew from 52.25 per cent in financial year 2023 to 63.19 per cent in financial 2024, demonstrating efficient income generation from equity.

    Demonstrating its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.50k per ordinary share, which when combined with the Interim Dividend of N1.50k paid at half-year, brings the Total Dividend for the 2024 financial year to N5.00k per ordinary share.

    The dividend payout highlights the company’s strong financial position and reaffirms its dedication to rewarding shareholders for their continued support and investment.

    Commenting on the results, Chairman, Transcorp Power, Emmanuel N. Nnorom, emphasised the company’s focus on stakeholder value: “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth.

    Read Also: Transcorp Group posts N298b revenue in Q3

    “This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns. I am proud of how our organisation faced and responded to a particularly challenging market and macroeconomic environment and our future is bright.”

    Speaking on the performance, the Chief Executive Officer, Transcorp Power, Peter Ikenga, attributed the results to the company’s strategic investments and a deliberate focus on enhancing operational efficiencies.

    He said: “Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success.”

    Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate. Transcorp Power is committed to improving electricity supply in Nigeria and together with Transafam Power Limited contribute over 20 per cent of Nigeria’s installed power capacity.

    The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa, as part of Transcorp Group’s integrated energy strategy.

  • Transcorp Hotels CEO joins Save the Children UK’s Africa Advisory Board

    Transcorp Hotels CEO joins Save the Children UK’s Africa Advisory Board

    Managing Director and CEO of Transcorp Hotels Plc, Dupe Olusola has been appointed to Save the Children United Kingdom’s Africa Advisory Board.

    She brings to the philanthropy a wealth of experience in leadership, strategic development, and community engagement.

    With a background in turning around businesses, transformation and investments – SMEs and private equity, Dupe has continued to distinguish herself in all markets

    Under her visionary leadership, Transcorp Hotels Plc has achieved impressive milestones and contributed significantly to its parent company Transcorp Group’s purpose of improving lives and transforming Africa. Dupe Olusola’s commitment to excellence and passion for transformative change aligns perfectly with Save the Children’s core values and objectives.

    Her extensive expertise and deep insights will be invaluable as the organisation continues its mission to create a sustainable impact for children across the continent.

    Commenting on the appointment, Dupe Olusola said, “I am honoured to join Save the Children United Kingdom’s Africa Advisory Board,” said Dupe Olusola. “Africa’s child population will reach 1 billion by 2055, according to UNICEF, making it the largest child population among all continents. Hence, investing in our children is not just a moral imperative but a strategic one for our future.

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    “Giving African children an equal opportunity to thrive will be a game changer for development in our continent. I believe that every child deserves early access to health services, education, and safe water, as well as other goods and services that can maximise a child’s opportunities as an adult and end the cycle of poverty. We have an important task on our hands, and I look forward to working alongside such a dedicated team to drive sustainable and impactful change for our children.”

    Save the Children is the world’s leading independent organisation for children, dedicated to ensuring that every child has the opportunity to thrive. With a presence in over 100 countries, Save the Children works to provide access to quality education, healthcare, protection from harm, and emergency response services.

    As a member of the Africa Advisory Board, Dupe Olusola will provide strategic guidance and support to Save the Children UK, helping to shape initiatives that drive positive outcomes for children.

    A multiple award-wining executive, Dupe Olusola earlier in the year became the first female CEO of a N1 trillion company on the Nigerian Exchange. She was named 2023 CEO of the year by the Seven Stars Luxury Hospitality and Lifestyle Awards as well as leading Nigerian publication Leadership newspaper. Dupe Olusola is also a member of the advisory board of the Africa Hospitality Investment Forum and a member of the Board of Directors, United Capital Microfinance Bank.

  • Heirs Energies, Transcorp CEOs for German-African energy forum

    Heirs Energies, Transcorp CEOs for German-African energy forum

    The Chief Executive Officers (CEO) of Heirs Energies,  Osayande Igiehon and and Transcorp Group’s President/Group CEO, Owen Omogiafo, will this week, join global business leaders at the 17th German-African Energy Forum in Hamburg, Germany.

    As leaders of one of Africa’s largest integrated energy businesses, the Heirs and Transcorp team brings a unique perspective on Africa and the opportunities in the African energy space. Heirs Holdings has rapidly implemented founder Tony Elumelu’s commitment to bring robust power supply to Africa and ensure African natural resources drive value creation in Africa.

    The executives will echo Elumelu’s message to COP28 in Dubai – that equitable transition must work for Africa.  Themed “Africa’s energy roadmap: Breaking new grounds for greener economies”, Omogiafo and Igiehon will speak on panel sessions addressing Africa’s unique energy needs and the continent’s potential for green industrialisation.

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    Omogiafo will present recommendations for aligning off-grid and on grid solutions to boost power capacity and drive industrial growth in Africa, on her panel themed “Renewables for industrial growth”.  Transcorp is one of the largest power producers in Nigeria, and now supplies West Africa, with strategic investments in the energy sector through Transcorp Power Plc, Transafam Power, and Transcorp Energy.

    Igiehon will emphasise the importance of achieving energy sufficiency in Africa, as a foundation for sustainable development and economic growth.

  • Transcorp grows profit to N34.7b in three months

    Transcorp grows profit to N34.7b in three months

    Transnational Corporation (Transcorp) Plc witnessed remarkable growth in its business in the first quarter with pre-tax profit rising by 1,110 per cent to N34.7 billion within the first three months of the year.

    Key extracts of the interim report and accounts of Transcorp for the period ended March 31, 2024 released at the Nigerian Exchange (NGX) showed that turnover rose by 173 per cent to N88.6 billion in first quarter 2024 as against N32.4 billion in first quarter 2023. Operating income increased by 479 per cent from N8.5 billion N49.1 billion. Profit before tax from ordinary business of the group jumped by 1,110 per cent from N2.9 billion in first quarter 2023 to N34.7 billion in first quarter 2024.

    Profit before tax inclusive of extra ordinary income was N45.7 billion in first quarter 2024 compared with N2.9 billion in 2023. The group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares. Transcorp Power, a subsidiary of Transcorp Group was listed on the NGX during the period, with Transcorp providing some shares for sale, in line with the rules guiding listing by way of introduction.

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    Profit after tax including the extra ordinary income leapt by 1,832 per cent from N1.9 billion to N35.9 billion. With this, earnings per share rose to N61.12 in first quarter 2024 as against N2.58 in in first quarter 2023.

    The balance sheet of the group expanded by 8.3 per cent within the period, from N530 billion in December 2023 to N574 billion in first quarter 2024. This was due to increase in operational activities. Shareholders’ funds increased by 20 per cent from N187 billion in December 2023 to N224 billion in first quarter 2024.

    President and Group Chief Executive Officer, Transnational Corporation (Transcorp) Plc, Dr. Owen Omogiafo, said the impressive results were largely driven by a remarkable 209 per cent revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

  • Transcorp Hotels to exceed N41.5b revenue with Lagos, PH expansion plans

    Transcorp Hotels to exceed N41.5b revenue with Lagos, PH expansion plans

    Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc, says it will continue to exceed its 2023 revenue performance of N41.5 billion in the coming years following its planned expansion to Lagos and Port Harcourt.

    Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining hospitality across the continent  with strong financial performance and aggressive growth agenda.

    Speaking during the 2023 financial year investors call, Managing Director/CEO Transcorp Hotels, Dupe Olusola, said keeping the business profitable through quality services and offerings remains priority adding that the Lagos and Port Harcourt expansions will boost the company’s profitability.

    According to her, the company’s occupancy ratio rose from 78 per cent in 2022 to 81 per cent in 2023, revenue surged from N30.4 billion to N41.5 billion while profit before tax grew from N4.6 billion in 2022, to N9.5 billion in 2023.

     She disclosed that the company is planning to build a 315-key 5-star hotel with features of relaxation and lifestyle center, located in the heart of Ikoyi, Lagos.

    “The project will consist of a Garden space for recreation and events, a spa/gym, co-working space, café, 5-star restaurant, retail outlets and UBA experience center,” the company’s investors call presentation showed.

    Read Also: Transcorp Hotels grows net profit by 133% to N6b

    “We positioned ourselves to take advantage of the resurgence of the economy, increased business activities, and the political season. This drove revenue across our major business lines of rooms, food & beverage and Conferences and events,” it stated.

    Olusola, said she was thrilled to share the exceptional strides achieved at Transcorp Hotels Plc over the past year, commitment to sustainable practices, and forward-looking strategies.

    She said: “As one of Africa’s premier hospitality organizations, we go beyond just providing a place to stay but are committed to redefining the hospitality experience across the continent, ensuring that every interaction with the brand is memorable and unmatched”.

    “Our flagship brand, Transcorp Hilton Abuja, continues to set the standard for luxury hospitality and culinary excellence. With 670 rooms, 20 meeting rooms, and seven restaurants, it stands as one of the largest hotels in Sub-Saharan Africa, offering a unique blend of hospitality and lifestyle experiences that resonate with both business and leisure travelers seeking exceptional service and memorable moments,” she said.

    According to her, Aura by Transcorp Hotels is Africa’s best platform for connecting travellers to unique accommodation, great food, and memorable experiences. With 4,000 rooms across 88 Hotels and 490 apartments, Aura offers a wide range of accommodation and experience options for guests.

    Olusola said that to sustain performance, Transcorp Hotels will focus on key growth drivers that will ensure we continuously win in this ever-changing industry and economy, such as the enhanced use of its digital platform Aura, which is revolutionizing how we drive bookings, engage with guests, and generate revenue. This technology underscores our commitment to growth and adaptability in the digital age.

    She said the company will also be upgrading its technology to enrich the guest experience, offering contactless services and personalized offerings that cater to the unique preferences of each visitor, ensuring that our services are not just cutting- edge but also deeply personal.

  • Transcorp Power clears $215m loans

    Transcorp Power clears $215m loans

    • To channel FX inflows to CAPEX

    Transcorp Power has fully paid off $215 million US dollar loans and will be channeling new forex inflows to finance Capital Expenditure (CAPEX), its Chief Finance Officer, Evans Okpogoro announced yesterday.

    Speaking during an investors conference, held for Transcorp Power Plc, he said the loan was fully paid in January this year.

    “We are also excited that we have now fully paid off the USD loan in January 2024. We had a balance of $1.6mn from the $215mn syndicate acquisition loan. We had expected the inflow to come in December 2023 to clear off the balance, but the inflow came in early January 2024 and the full and final loan repayment was made January 9, 2024. With this our FCY inflow will now be used to finance our CAPEX,” he said in his presentation. 

    Read Also: Transcorp’s financial growth excites Owen Omogiafor

     Also speaking at the event, Managing Director/CEO, Transcorp Power, Peter Ikenga, achieving 24-hour power supply will require massive investments across the power value chains including grids and distribution.  He added that achieving the feat will also entail blocking all leakages in the sector.

    Ikenga said that the signing of the Electricity Act will further open up the power sector and create more liquidity for its operations. He said an increase in energy delivery will equally impact positively on the sectoral revenue.

    Continuing, Okpogoro, said Transcorp Power closed financial 2023 with gross earnings of N142 billion representing 57.30 per cent year on year growth. The growth in revenue is driven by a surge in energy delivery and capacity charge, coupled with the expansion into international markets and the international market accounted for 18 per cent of its revenue.

  • Transcorp’s financial growth excites Owen Omogiafor

    Transcorp’s financial growth excites Owen Omogiafor

    Owen Omogiafo, president and group chief executive officer of Transnational Corporation Plc, is excited about the growth in the financial success of the conglomerate.

    The excitement is not unconnected with the rise of the conglomerate’s revenue to N197 billion in the year ended December 31, 2023.

    The 47.3% year-on-year increase in revenue has seen Omogiafor giving kudos to her team and the conglomerate’s chairman for believing in her to lead.

    Read Also: Transcorp Power declares N23.5b dividends

    Omogiafo posited that the financial success witnessed by the Transcorp group was largely a result of strategic initiatives.

    “Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively,” Omogiafo said.

    Omogiafo also said the company’s primary objectives are to deliver sustainable growth, enhance operational and technical efficiency, and maximise shareholder value.

    The brilliant Omogiafo has continued to excel and display raw and uncommon mastery of running the Transcorp group to the admiration of the group’s chairman and billionaire, Tony Elumelu.

  • Transcorp Group grows profit by 94% to N59b

    Transcorp Group grows profit by 94% to N59b

    Transnational Corporation (Transcorp) Plc has achieved strong double-digit growths in key performance indicators, with pre-tax profit rising by about 94 per cent to N59 billion in 2023.

    Key extracts of the audited report and accounts of Transcorp for the year ended December 31, 2023 released yesterday showed that turnover rose by 47.3 per cent to N197 billion in 2023 as against N134 billion in 2022. Profit before tax jumped by 93.5 per cent from N30.4 billion to N58.8 billion. After taxes, net profit leapt by 91 per cent to N32.6 billion in 2023 compared with N17.1 billion in 2022. Earnings per share increased from N19 to N40. Total assets also grew by 20 per cent from N442.7 billion in 2022 to N529.9 billion in 2023.

    The conglomerate said the strong performance was further demonstration of its strategic focus and effective execution.

    President and Group Chief Executive Officer, Transnational Corporation (Transcorp) Plc, Dr. Owen Omogiafo, said the financial results for 2023 underscore the group’s strong operational performance and its strategic initiatives.

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    According to her, notwithstanding the strong macroeconomic headwinds in the year, the group achieved significant growth in revenue and profits, indicating its ability to navigate a dynamic market landscape effectively. 

    “Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders,” Omogiafo said.

    She assured that Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.

  • Transcorp Hotels grows net profit by 133% to N6b

    Transcorp Hotels grows net profit by 133% to N6b

    Transcorp Hotels Plc rode on the back of increased patronage and operating efficiency to double its profit in 2023.

    Key extracts of the audited report and accounts of Transcorp Hotels for the year ended December 31, 2023 showed that the company recorded its highest sales and profit during the period.

    Turnover rose by 36 per cent to N41.5 billion in 2023 compared with N30.4 billion in 2022. Operating income also grew by 50 per cent from N8.8 billion to N13.1 billion.

    Profit for the year grew by 133 per cent from N2.6 billion in 2022 to N6.1 billion in 2023.

    Total assets expanded to N126.1 billion in 2023 as against N120.5 billion in 2022.

    Managing Director, Transcorp Hotels Plc,

    Dupe Olusola said that the company’s performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

    “By strategically investing in innovations, that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records. Our considerable investment in our iconic Transcorp Hilton Abuja have been rewarded by significant increases in occupancy rates and guest satisfaction. 

    Read Also: Transcorp Hotels’ revenue grows by 36%

    “We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events. This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024. I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience.  We remain focused in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry,” Olusola said.

    She pointed  out that Transcorp Hotels Plc has consistently been reshaping the hospitality landscape in Africa in line with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.

    Transcorp Hotels, is the hospitality subsidiary of Transnational Corporation (Transcorp Group), a leading listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

  • Transcorp Hotels’ revenue grows by 36%

    Transcorp Hotels’ revenue grows by 36%

    The hospitality division of Transnational Corporation Plc, Transcorp Hotels Plc, has released its audited full-year results for 2023, recording unprecedented revenue of N41.5 billion.

    The rise as indicated in the report, demonstrates an exceptional growth of 36 per cent from N30.4 billion recorded in 2022.

    Likewise, the hospitality company’s operating income rose from N8.8 billion in December 2022 to N13.1 billion in December 2023, showing a 50 per cent increase.

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    With a 133 per cent increase from N2.6 billion in December 2022 to N6.1 billion in December 2023, the company’s profit for the year saw impressive development.

    Its total assets also witnessed a five per cent increase, reaching N126.1 billion in the reviewed year, compared to N120.5 billion in the previous year.