Nigeria’s leading conglomerate, Transnational Corporation of Nigeria (Transcorp) Plc yesterday laid out its growth plan and strategies with an assurance that the group will continuously deliver higher returns to stakeholders.
President, Transnational Corporation of Nigeria (Transcorp) Plc, Owen Omogiafo, said the company’s overall strategic objective was to fully optimise its existing assets to ensure consistent value and high returns to stakeholders.
She spoke during the company’s “fact behind the figures” at the Nigerian Exchange (NGX) in Lagos,.
She said Transcorp’s key priority now is to achieve set targets for the year across the various operating segments.
She outlined the strategic targets to include increase in Transcorp Power Limited’s average available capacity to 690 MW and 553 MW generating capacity in 2022.
According to her, following the administrative handover on March 2021, the group successfully increased and maintained the available plant capacity from 48MW at the time of takeover to 188MW with minimum capital expenditure requirements between March 2021 to September 2022.
”As a group, we will remain resolute as we execute our strategic priorities in 2022..
“However, the ongoing gas challenges impacted our generation capacity. TAPL has undertaken the following activities to improve performance going forward: Commissioning of GT20 with an additional capacity of 138MW in September. GT20 has been non-operational for 15 years; execution of a gas supply agreement with AccuGas and HHOG and discussion with other gas supply to ensure we have a steady gas supply,” Omogiafo said.
She added that with the improvement in installed capacity and gas supply, Transcorp is looking forward to finishing strong in 2022 and a solid start in 2023.
Omogiafo explained that group would continue to surpass industry and targets across key performance indicators, stressing that the 2022 strategic target for Transcorp Hilton Abuja is pegged at 73 per cent, while that of Transcorp Hotels Calabar at 53 per cent.
She noted that amidst the current economic situation; inflation, foreign exchange volatilities and insecurities, the management at Transcorp has ensured maximum efficiency through and consistently deliver of superior service to guests, while it maximum revenue and creatively seek ways to optimise key business segments whilst driving consistent growth in leisure & staycations.
On the company’s free float, she said Transcorp Hotels part of focus going forward includes: achieving the required 20 per cent issued shares free float percentage and continuous quarterly engagement with Investors showcasing its business initiatives and plans.
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“We continue to build stakeholder interest through product innovation, good corporate governance practices, and awards to ensure strong patronage and buy when we do go to the market,” Omogiafo said.
She added that the company remains committed to diversity, accountability, and transparency.
“For us diversity is not a policy, it’s just who we are. Diversity in age, gender, experience, and we can all see the results. We are also focused on transparency and we hold analyst calls after quarterly results to engage the investing public about our financials and strategy. The Environmental, Sustainability and Governance (ESG) space also matters to us and our relationships with host communities are of great importance,” Omogiafo said.
Meanwhile, the NGX has commended the management of Transcorp for its commitment to diversity and its performance despite economic headwinds.
Chief Executive Officer, Nigerian Exchange (NGX), Mr Temi Popoola said Transcorp had shown resilience despite the macroeconomic headwinds. “The company’s revenue growth and generation are strong. The board and subsidiary companies are well diverse with high female representation. We see the business that you’re trying to build and even within the very challenging economic environment, Transcorp has shown resilience.
“NGX will continue to leverage its long-term relationship with Transcorp and explore more areas for collaboration,” Popoola said.