Mohammed Shosanya
Tony Elumelu,Chairman,Transcorp Group,has implored the Federal Government to prioritise the crippling issues in the power sector.
The challenges in the power sector,he said,should be uppermost in the nation’s transformation agenda.
He spoke at its 18th Annual General Meeting (AGM), in Abuja on Monday,where he also maintained that the private sector cannot thrive without improved access to electricity.
He added:”Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. Fundamentally reforming the power sector is essential to our national economic transformation.”
Speaking,the company’s President/Group CEO, Dr. Owen Omogiafo,highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity.
She said:”The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders”
The company announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023.
Its outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders.
The company also confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion.
The performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.
Its power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023.
Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.
The group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.
Shareholders at the meeting approved a dividend of 10 kobo, a 100% increase over the previous year. The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.
They also commended Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year.
Its commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.
