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Half Year 2022: Transcorp Group Delivers Sustainable Growth as PBT Hits N13.36bn

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Owen Omogiafo, Transcorp

Highlights

PBT grew Significantly by 85%  

Group Revenue grew by 18% Year on Year.

Hotel Business witnesses’ tremendous growth with a 2451% growth in profit before tax and on Track to see record PBT in 2022.

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerates with investments in Hospitality, Power, and Oil & Gas sectors, has released its half-year results for the year ended June 30th, 2022, showing an improved performance across all its major investment lines. 

The conglomerate with strategic investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9bn, representing a growth of 18% when compared to N53.3bn recorded in the same period under review in 2021. Its operating income grew by 25% from N16.3bn in 2021 to N20.5bn in the same period.

Its half-year un-audited results released to the Nigerian Stock Exchange (NGX) also showed that profit before tax grew by 90%, from N7.1bn to 13.3bn in the period under review , while profit after tax stood at 12.0bn, representing an 85% increase from N6.5bn from the previous year.  The Group’s Shareholders’ funds also grew by 8% from N146.3bn to N157.5bn in the same period.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.  

She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations”

Speaking further on the growth, the President said, “Our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173% over same period last year, demonstrating a strong and sustained  recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.  In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21% (100MW)over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders.” 

According to her, Transcorp Group is fully geared up to sustain its growth trajectory for the rest of the year and beyond, notwithstanding the macro-economic issues. “We do not plan to rest on our laurels, and we will continue to surpass past performance” Owen Omogiafo assured its stakeholders.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.

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Why Emirates Airlines Suspended Its Operations In Nigeria

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Why Emirates Airlines Suspended Its Operations In Nigeria

Emirates Airlines, on Thursday, August 18, 2022, disclosed the suspension of all of its flights in Nigeria.

In a statement in which the airline made this announcement, Emirates said the flight suspension would take effect from Thursday, September 1.

It was gathered that at last count, Emirates had at least $85 million trapped in Nigeria in spite of its efforts to repatriate the funds.

The statement read: “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.

Regrettably, there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective September 1 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.

”We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage.

We will be working to help impacted customers make alternative travel arrangements wherever possible.

Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course re-evaluate our decision.

We remain keen to serve Nigeria, and our operations provide much-needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai and to our broader network of over 130 destinations.”

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GTCO Autism Conference Holds on August 29th and 30th at MUSON Centre, Onikan, Lagos

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GTCO

The 12th edition of the annual GTCO Autism Conference themed “Creating a Community of Awe-Tism Advocates” will hold on Monday and Tuesday, August 29th and 30th, 2022, at MUSON Center, Onikan, Lagos. 

The annual Autism Conference is a pivotal component of GTCO’s Orange Ribbon initiative and serves as a key advocacy platform for people living with autism and other developmental disorders. In recent years, the GTCO Autism Conference has gained wider acclaim for bringing together some of the world’s leading experts in Autism, especially with the successful coordination of a fully virtual autism conference in 2020 at the height of the Covid-19 pandemic. For this year, the GTCO Autism Conference will feature keynote addresses and panel discussions by experienced specialists from renowned institutions in Nigeria and abroad in a hybrid set-up to allow for both in-person and virtual participation. Some of the partnering organisations include Federal Neuropsychiatric Hospital, Enugu, Autism Compassion Africa, Ghana, The Color of Autism Foundation, USA, Meharry Medical College, USA, and Behaviorprise Consulting Inc., Canada.  

One-on-one consultations and Q&A sessions during the conference will provide opportunities for parents and other stakeholders to further engage on best practices for proper diagnosis and treatment of persons on the autism spectrum with the experts. As a special feature and to ensure more persons with developmental disorders can benefit from professional help, provision has been made to offer specialist care to autistic children in the areas of speech and behaviour therapy, child psychology and psychiatry, as well as occupational development for adults living with autism via in-person consultations at the Chapel of Light, Alausa, Ikeja, starting from Tuesday, August 23rd to Saturday, August 27th between the hours of 10am and 5pm. 

Commenting on the 2022 Autism Conference, Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc said, “While much has been done over the years to increase the social consciousness around Autism and to improve the available support systems for managing developmental disorders, we strongly believe that we can do more individually and collectively to create and uphold a culture of inclusion towards people with ASD to enable them reach their full potential.” 

Mr Agbaje further stated; “The Orange Ribbon initiative was created to support children and adults with developmental disabilities with a focus on those with autism spectrum disorders. Now in its 2nd decade, the annual Autism Conference has over the years created a community of people with a shared commitment to create better outcomes for those who find themselves in the margins of society simply because they are different from the rest.” 

Guaranty Trust Holding Company Plc (GTCO) is a leading financial services company providing banking and non-banking services across eleven countries spanning West Africa, East Africa, and the United Kingdom. The Group operates a diversified, proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond.  

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Dangote Major Driver of Real Estate Development – Builders

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Dangote

The Nigerian Institute of Building (NIOB) and other stakeholders in the housing industry have described the Dangote Group as the main driver of real estate development in the country.

According to a statement from the Dangote Group, President of the Nigerian Institute of Building (NIOB), Prof. Yohana Izam, disclosed this at a recent African International Housing Show in Abuja. Coordinator of the AIHS, Barr. Festus Adebayo told newsmen that the housing deficit in the country can be mitigated through Public Private Partnership (PPP). Adebayo said he was optimistic that the partnership with the Dangote Group would yield a fruitful result. The Group Head, Sales and Marketing, Dangote Cement Plc, Mr. Rabiu Umar said Dangote was not resting on its oars, as it has already been investing hugely in the development of infrastructure through the tax credit scheme and its numerous social programmes.

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