NIGERIA – The recently appointed president/group CEO of Transcorp, Mrs. Owen Omogiafo, has affirmed her commitment to safeguard shareholders’ interests by ensuring improved performance and returns on investment. 

The CEO, who gave the commitment at the annual general meeting (AGM) stated that the new management team that she was appointed alongside was dedicated to delivering and exceeding the strategic objectives of the company, rooted in its founding vision and expressed in its corporate purpose of ‘Improving Lives, Transforming Nigeria. 

“In hospitality, we will deepen and expand our market share by deploying an asset light strategy, leveraging best in class technology and continuously drive the highest service standards. In power, we target completing the ongoing transaction for the 100 per cent acquisition of another power plant in the gas rich Niger Delta Region of Nigeria – Afam Genco, this year,” said Omogiafo. 

“This will enhance our play in the power space, with increased generation capacity, revenue and profitability. Our drive to diversify our energy mix will also continue, with a focus on renewable energy and off grid solutions.  

“We will continue to monitor developments in the oil and gas space, while making the best decisions in the interest of the company and its shareholders regarding the development of our oil and gas asset, OPL 281.” 

According to her, working with the MD/CEO of Transcorp Hotels Plc, Dupe Olusola and the MD/CEO, Transcorp Power Ltd, Chris Ezeafulukwe, and all their staff and partners, they are well positioned as a group to continue to deliver great value for our shareholders. 

In his address to the shareholders, the Chairman, Transcorp Plc, Mr. Tony Elumelu, commended efforts of the government in combating the pandemic and reiterated the importance of synergy between the private sector and government, in stemming the spread of the global pandemic. 

“I have often said our commitment to improving lives and transforming Nigeria is a lifelong one. Those words are truer today than ever, as we partner with State and Federal authorities to stem the tide of the COVID-19 pandemic, while our businesses seek to cushion its impact for Nigerians in their course of operation,” Elumelu added. 

Transcorp achieved a turnover of ₦76.35bn (US$195.77 million) and profit before tax of N7.90bn (US$20.26 million) in the year under review.  

Revenue from its power business, Transcorp Power Limited declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector.  

The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17% and gross profit increased by 19%, compared to FY 2018.