Transnational Corporation of Nigeria Plc (“Transcorp”) has announced the release of its Audited Financial Statements for the year ended December 31, 2019. Highlights of the result show the Group recorded a Turnover of ₦76.35 bn, Profit Before Tax of ₦7.90bn and a Profit After Tax of ₦3.71bn. Despite the drop in year-on-year financial performance, Transcorp retained a positive future revenue outlook with increase in Total Assets from ₦297.14 bn in FY 2018 to ₦313.13 bn representing 5% year-to-date growth.

Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 17% in its year-on-year revenue and had a gross profit increase of 19% in comparison with FY 2018. Revenue from power business, Transcorp Power Limited (TPL), however, declined during the period due to gas supply, transmission, commercial and technical issues.

Commenting on the result, the President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated “Our FY 2019 result attests to our resilience and long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.”

“On our part, we have taken several actions aimed at proactively and sustainably addressing these issues. These include the activation of our Gas Supply and Aggregation Agreement, guaranteeing gas supply to our power plant in Ughelli; proactive engagement with our gas transporter to prevent further vandalization of gas pipelines; engagement with regulatory agencies to review regulatory actions negatively impacting power evacuation from our plant; and preventive maintenance of our turbines” he further explained.

Mr. Ozigbo pointed out that “the actualization of these steps, as well as improvement in market payment for electricity generation, will facilitate our projected revenue expansion in FY 2020 and in coming years. This is in addition to even more significant contributions from our hospitality business, which is expected to benefit from the planned introduction of new service offerings. The discharge of the hotel from the Bureau of Public Enterprise (BPE) post-privatization monitoring in the outgoing year, further speaks to its operational excellence and top-line corporate governance.”

https://transcorpnigeria.com/transcorp-releases-2019-audited-results-declares-n3-7bn-pat/

Transcorp building wasnt the one on fire, it was their neighbours own instead

A report by their President/CEO, Valentine Ozigbo confirms:

On Saturday 26th October 2019 there was a fire incident at the building next to our Headquarters located at 38 Glover Road, Ikoyi Lagos.

We had limited damage to the adjoining parts of the building but there was no loss of vital documents. Equally, no injury was sustained by any personnel on ground.

The Lagos State Fire Service, the UBA Fire Service and Julius Berger worked with our team to quell the situation and it was contained successfully.

We would like to assure our stakeholders that the fire incident has no impact on our operations.

We thank our corporate associates for the concern and goodwill.

Following earlier reports of fire at the Transcorp Head Office in Ikoyi.

Eyewitness reports that nothing happened to their building although the neighbouring building was razed.

This is corroborated by a report by the Company CEO.

On Saturday 26th October 2019 there was a fire incident at the building next to our Headquarters located at 38 Glover Road, Ikoyi Lagos.

We had limited damage to the adjoining parts of the building but there was no loss of vital documents. Equally, no injury was sustained by any personnel on ground.

The Lagos State Fire Service, the UBA Fire Service and Julius Berger worked with our team to quell the situation and it was contained successfully.

We would like to assure our stakeholders that the fire incident has no impact on our operations.

We thank our corporate associates for the concern and goodwill.


https://transcorpnigeria.com/fire-incident-at-our-neighbours-building-adjoining-our-head-office/

Tony Elumelu at the post-privatisation Discharge Ceremony of Transcorp Hilton Abuja

Transcorp Hotels Plc was discharged from further post-privatisation monitoring by the Bureau of Public Enterprises. The discharge certificate was received from the National Council on Privatisation, having met the post-privatisation performance targets contained in the Transcorp


https://www.youtube.com/watch?v=o5UUhcH8wYU&feature=youtu.be