Transcorp Delivers Solid Q1 Performance As Profit Leaps By 147%
Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.
Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.
A further look at the results showed that revenue increased by 28% from N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.
An increase in expenses such as inventories, prepayments, trade and other receivables, however, did not dampen the group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.
Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.
READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b
She stated: “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in revenue and 129% rise in profit before tax; and we are confident in the strategic direction for the group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”
Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.
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NLC Directs Officials To Monitor Banks Over Cash Scarcity
The Nigeria Labour Congress (NLC) has directed its officials across the country to go round and monitor cash dispensing situations at the commercial banks.
This is coming ahead of today’s National Executive Council, NEC meeting, leaders of orfficials of state councils of NLC and industrial union affiliates are to take pictorial evidence of the actual situations at the banks, “whether the banks are dispensing cash or not, and report same to the NLC headquarters.”
The monitoring which ends by 12.30 pm will enable the NEC meeting that will commence by 1:00 p.m.at the Labour House, Abuja, takes a final decision on tomorrow’s planned nationwide strike over the cash crunch in the country.
The National leadership of NLC gave the directive yesterday (Monday, March 27).
An official of NLC who spokelsaid, “Yes, the directive was given yesterday. Union leaders are to go around their areas to monitor commercial banks this Morning before 12.30pm and show pictorial evidence of the situation at the banks.
“Whether they are dispensing cash or not. The pictorial evidencesl are to be forwarded to Congress headquarters to be us assess the activities of Commercial banks before the NEC meeting by 1pm to enable us take a final decision on tomorrow’s planned industrial action.”
BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN
In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the statement read.
The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.
This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.
However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.
“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.
According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.
However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
CBN Asked Banks To Receive Old Naira Notes – Soludo
The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.
Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.
He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.
“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”
“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.
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