By Chinwendu Obienyi
The Management of Transnational Corporation of Nigeria (Transcorp) Plc has set its sights on cost management strategies to ensure marked improvement in the 2019 financial year.
This comes after the Group’s results for the financial year ended December 31, 2018, showed that the its revenue hit an impressive N104.16 billion representing a 30 per cent revenue growth compared to the preceding year’s results while Profit before Tax (PBT) closed for the year 2018 at N22.40billion, a significant leap compared to the Profit before Tax (PAT) of N12.31 billion recorded in 2017.
Presenting the company’s Facts behind the Figures to Stockbrokers and the investing public on the trading floor of the Nigerian Stock Exchange (NSE) recently, Chief Executive Officer, Transcorp Plc , Valentine Ozigbo, noted that the diversified company with vested interests and investments in hospitality, Power, Oil and Gas and others, remains committed to deliver superior value to its wide clientele base.
Ozigbo who noted that the focus of the company was to create an enabling environment for domestic and foreign investors to succeed, added that the businesses is well-positioned to continue to roll out profitably to its numerous investors.
“Today, we own and manage the best business hotel in Africa, and are intent on improving tourism in Nigeria and beyond. We own and manage one of the most strategic power assets in Nigeria, and aim to meet the power needs of 1 out of every 4 Nigerians, and through this, help in poverty eradication and improving Nigeria’s competitiveness.
Our businesses are contributing unprecedented revenue and profits in the history of the Group, and we are also stronger in corporate governance and now consistently among the first three companies quoted on this Exchange, who each year successfully finalize their audited accounts and organize their AGMs.” He said.
Continuing, He told the excited investors that plans are in motion to ensure that the conglomerate grows by leaps and bounds, adding that already, all its concerns were headed in the direction of an even impressive performance based on the strategic investments in the last couple of years.
“We will deepen our play in the sectors we currently operate in, operationalise our oil asset and invest in more sectors. With the support of the stakeholders, especially the entire capital market community, we will be that conglomerate Nigerians will be most proud of,” Ozigbo explained.
Corroborating, Chairman, Transcorp Plc, Tony Elumelu, indicated that the Transcorp Power Limited, is looking at investing as much as $2.5 billion in power projects to help boost power supply in Nigeria.
He indicated that the firm has so far injected about $1 billion in projects with a combined capacity of 700 megawatts and the company bid for Afam Electricity Generation Co. earlier this month, which operates a natural-gas fired power generation plant in southern Rivers state.
“We’ve expressed interest in the acquisition of Afam power plant, which we’re going to spend a lot of money on. It will give us 1,400 megawatts and we can do more,” he explained.
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