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Transcorp Group’s Profit After Tax Hits N27.9b

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Transcorp Group's Profit After Tax Hits N27.9b
President/Group Chief Executive Officer, Owen Omogiafo

Transnational Corporation of Nigeria (Transcorp) Plc, Nigeria’s largest, leading listed conglomerate with investments in hospitality, power, and oil and gas sectors, has reported significant performance, across all its major investment lines, for the financial year ended December 31, 2021.

Notwithstanding the tough operating and business environment, the conglomerate saw its revenue leap appreciably by 48% to close the year at N111.2bn; compared to 75.3bn recorded at the end of 2020; while operating income grew by 114% from N18bn in 2020 to N38.5bn in the year under consideration.

Its audited results released to the Nigerian Exchange also showed that profit before tax grew significantly by 1,600%, rising from N1.6bn at the end of the 2020 financial year to N27.9bn, while profit after tax which had stood at N3.8bn the previous year, shot up by over 530% to close the year at N23.9bn. Shareholders’ funds also grew by 53% from N95,4bn to N146bn in the year under consideration,

Commenting on the remarkable performance, Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, noted that the performance was achieved as a result of the improved performance across all its businesses, adding that the conglomerates’ various investments in key segments of energy and hospitality had been turning in huge returns.

READ ALSO: UBA’s Diversified Business Model, Enhanced Digital Platforms Key to Financial Gains – Uzoka

She said, “We are very pleased with the progress of our transformation agenda for Transcorp. We remain committed to building an institution that will delight all our stakeholders and will be here for many generations to come,” adding that the conglomerate also recorded growth in both its power and hospitality investments, with the hospitality arm showing a strong recovery from the Covid-19 pandemic, with results comparable with pre-covid era.”

Speaking specifically about the consistent progress recorded in its various concerns especially its hotel business, Omogiafo, said, “The 143 % growth reported in the hospitality arm of the business this year, is a testament to the strong spirit of resilience, innovation, and execution within the Group.”

“The additional investments we made in our power businesses, led to the increased revenue witnessed in that sector, notwithstanding some of the challenges in the sector, which are now being addressed. We stayed on course with our OPL281 investment and are well on the way towards the attainment of our integrated energy strategy,” the Transcorp boss noted.

According to her, the hotel business as well as its other concerns are fully geared up to continue to churn out outstanding performance in the current year especially as the world continues to recover from the effect of the COVID-19 pandemic.

“Transcorp Group remains committed to its strategy of sustainable growth and continuous drive to deliver value, We do not plan to rest on our laurels, and we will continue to work diligently and remain well-positioned to provide significant value for our stakeholders,” Omogiafo assured its stakeholders.

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. The portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. The businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Trans Afam Limited, and Transcorp Energy.

 

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Nigeria’s Headline Inflation Rises To 21.9%

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Nigeria's Headline Inflation Rises To 21.9%

Nigeria‘s headline inflation has risen to 21.09 per cent according to the Consumer Price Index (CPI) report for the month of October.

The CPI report which was released on Tuesday by the National Bureau of Statistics (NBS) said that there was an increase of 0.32 per cent from the 20.77 per cent recorded in September.

The data suggests that the headline inflation rate climbed by 5.09 per cent in October 2022 as compared to the same month the year before (October 2021).

“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.

READ ALSO:  Nigeria’s Inflation Rises Over 18 Per Cent

“This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.

The report added that “On a month-on-month basis, the headline inflation rate for October 2022 was 1.24%, this was 0.11 % lower than the rate recorded in September 2022 (1.36%).

“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

The year-on-year food inflation rate in October 2022 was 23.72 per cent, an increase from the previous month’s rate of 23.34 per cent.

“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables,” the report further stated.

 

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N52b Cash Deposited In Banks Over Naira Re-design Policy

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N52b Cash Deposited In Banks Over Naira Re-design Policy

About N52 billion cash has been deposited in banks barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.

There were indications that the deposit sum may increase in the next few days because it is suspected that about N3 trillion cash was in circulation at the time the apex bank announced the policy.

The CBN claimed that some of the identified depositors were politicians, bureau de change operators, businessmen, real estate financiers, and traders.

It was also learnt that the Economic and Financial Crimes Commission (EFCC) and other security agencies have directed banks to keep records of depositors, including institutions.

 READ ALSO: I’m Fully Behind CBN Governor On Redesigning Naira Notes – Buhari

The screening of high-profile depositors, especially currency hoarders and money launderers, may begin soon.

There was the fear that the redesigning of some naira notes may affect cash haul during the ongoing 2023 campaign.

According to a reliable source, who was armed with facts and figures, security and intelligence agencies have confirmed huge cash deposits of N52 billion in banks in less than two weeks.

The source said some representatives of one of the agencies appeared before a Senate Committee on Tuesday in Abuja behind the curtains.

The source said: “As the cash was being taken to banks, we were getting the details of all the depositors and in some cases, we could trace the sources.

“As of Tuesday, over N52billion cash has been deposited in various banks. Some of the deposits have been traced to some politicians, bureau de change operators, suspected money launderers, middlemen, drug barons, businessmen and traders.

“All the banks have been directed by the EFCC and other anti-graft agencies to keep records of cash depositors and their KYC. They are also mandated to make the list available when required.
“With this directive, it will be easier to uncover currency hoarders, speculators and those sabotaging the nation’s economy.”

Responding to a question, the source said: “Some politicians, governors and suspected fronts of Politically Exposed Persons (PEPs) have been on the radar of some anti-graft agencies.

“Some state governments cannot pay salaries because the corrupt table payment system they have adopted is not practicable with the CBN directive.

“Apart from redesigning the notes, the CBN is also complementing the anti-graft agenda of the administration of President Muhammadu Buhari.

READ ALSO: Redesigning Of Naira May Not Hold As Finance Minister Disagrees With Emefiele

“Nigerians have virtually abandoned the cashless economic policy for cash transactions.

“We may be on our way to addressing basic issues compounding our anti-corruption campaign as a nation.”

On October 26, the CBN announced its decision to redesign the naira.
It cited significant hoarding of banknotes, worsening shortage of clean and fit banknotes, and increasing ease and risk of counterfeiting.

It added that over 85 per cent of the currency in circulation is outside the vaults of commercial banks.

CBN said as of the end of September, N2.73trillion out of the N3.23 trillion currencies in circulation was outside the vaults of commercial banks and supposedly held by the public.

 

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Lagos To Spend N1.6 Trillion Next Year

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Lagos To Spend N1.6 Trillion Next Year

The Lagos State government plans to spend N1.692 trillion next year.

The state governor,  Babajide Sanwo-Olu, presented the estimated N1.692 trillion budget estimates for the 2023 to the House of Assembly.

The ‘Budget of Continuity’ comprises revenue of N1.342 billion and deficit financing of N350,000 billion.

READ ALSO: Why We Aren’t Surprised By Wike’s Endorsement Of Sanwo-Olu – Jandor

This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion.

The estimate also proposes a recurrent expenditure of N759 billion and Capital expenditure of N670 billion.

 

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