African Businessman Tony Elumelu Celebrates Again
Foremost African businessman, Tony Elumelu is celebrating again.
And the reason for his celebration is not farfetched, Transnational Corporation Plc (Transcorp), one of the businesses the serial entrepreneur oversees, had its 16th Annual General Meeting AGM yesterday, April 21, 2022 and he was on hand to personally present the company’s impressive result and achievements to the the shareholders.
Interestingly, this is coming days after United Bank for Africa (UBA), the Africa global financial brand he chairs had it 60th Annual General Meeting.
The respected African Economist who equally chairs Heirs Holdings and more was particularly delighted the “Gross Earnings for Transcorp Group increased to N111.2 billion in 2021 from N75.3 billion in 2020, PBT increased by 1,641% to N27.9bn, up from N1.6bn in 2020 and PAT increased by 528% to N23.8bn up from N3.8bn in 2020”.
Mr Elumelu wrote about the development giving him great joy on his Facebook handle…
Yesterday, we convened our shareholders for the 16th Annual General Meeting of Transnational Corporation Plc (Transcorp). I was delighted to present the company’s operating results and key achievements while setting out highlights of our strategic objectives for 2022.
The past two years have been incredibly challenging, with the hospitality industry suffering the toughest blow from the continuing impact of the COVID-19 pandemic.
Transcorp Plc’s impressive financial performance for the year 2021 demonstrates our core values of Excellence, Execution and Enterprise (the 3 Es), which our people have embodied in scaling through unprecedented business obstacles.
At a glance, Gross Earnings for Transcorp Group increased to N111.2 billion in 2021 from N75.3 billion in 2020, PBT increased by 1,641% to N27.9bn, up from N1.6bn in 2020 and PAT increased by 528% to N23.8bn up from N3.8bn in 2020. Well done to the entire team for this feat!
Our hospitality business returned to profitability, recording an almost 90% occupancy rate inspite of the COVID pandemic, further enhancing Transcorp Group’s performance during the year.
Transcorp Power ‘s revenue improved by 14% and PBT increased by 32%. This impressive return validates the investment and commitment we made in this critical sector that we see as the engine for industrialisation in Nigeria.
At the core of the Company’s purpose is a commitment to building socially responsible and impactful businesses in key strategic economic sectors that serve its diverse stakeholders. Transcorp, as a responsible corporate citizen, has consistently embraced and sustained this corporate culture and social commitment by driving the integration of Environmental, Social and Governance (ESG) criteria in all aspects of the business’ dealings and investment decisions.
Our business success is interwoven in our commitment to ESG principles. This clearly sets us apart.
Our corporate mission is to improve lives and transform Africa.
A critical part of our country’s economic transformation is power- a sector that Transcorp plays in. We cannot make progress as a country or continent without increased access to electricity. The government has tried to unlock the power sector by privatising power generating companies (GenCos), and Distribution Companies (DisCos). However, more needs to be done in the transmission segment so that the power generated by us – the GenCos can get to the end users… you and I, in our houses and businesses.
My appreciation goes to our esteemed shareholders who continue to demonstrate confidence in the Transcorp Group, our employees, Transcorp Group People, for their dedication in helping Transcorp achieve its vision, and our board for their devotion and invaluable contribution towards the success achieved, and more, for their commitment and eagerness to the future ahead of us.
We know that the current economic and environmental challenges we face will not be fixed in the short-term, but as long-term investors, we remain focused on achieving our strategic objectives and creating long-term value for all stakeholders.
This is Africapitalism in practice, and this is at the heart of what we do at Transcorp Group.
