After acquiring ownership stake in Afam Power Plc and Afam III Fast Power Limited, Transnational Corporation of Nigeria (Transcorp) has indicated interest in further deepening its presence in the power chain.
Transcorp had strengthened its position as a leading player in the power sector with the successful acquisition of 100 per cent ownership stake in Afam Power Plc and Afam III Fast Power Limited, together with a combined installed capacity of about 1,000MW, bringing the group’s total power generation capacity to approximately 2,000 MW.
President, Transnational Corporation of Nigeria (Transcorp) Plc, Mrs Owen Omogiafo said the conglomerate is interested in more opportunities to deepen its position across the power value chain.
She noted that the group has commenced distributing power internationally in the West African regional electricity market, as a member of the West African Power Pool (WAPP).
“We continue to seek opportunities to deepen our position across the power value chain, as we deliver on our promise to power Nigeria,” Omogiafo said.
She pointed out that despite the impact of the pandemic on the group’s hospitality business, the group responded quickly by embarking on several initiatives to adapt to the new normal and meet the needs of guests and staff in the pandemic era, whilst intensifying cost-saving mechanisms to minimise the losses brought about by the pandemic.
Audited report and accounts of Transcorp for the year ended December 31, 2020 showed that the group achieved N75.2 billion in turnover and profit after tax of N3.79billion.
Group’s comprehensive income grew by 31 per cent from N3.44 in 2019 to N4.516 billion in 2020. Total assets grew by eight per cent from N313.1 billion in 2019 to N338.1 billion in 2020. Shareholder’s funds increased by five per cent from N108.7 billion in 2019 to N114.4 billion in 2020.
Omogiafo said Transcorp’s performance was underpinned by execution of the group’s well-defined strategies to deliver growth and achieve its long term goals.
“We sustained and drove our growth agenda across all our business sectors in 2020, notwithstanding the challenging operating environment, emanating from the COVID-19 pandemic,” Omogiafo said.
She emphasised that the group will remain focused on increasing momentum across all business lines noting that Transcorp Hotels recently launched its asset-light business, ‘Aura by Transcorp Hotels’, which leverages technology to provide travellers with accommodation options across Africa.
She said Aura is a digital play that would revolutionalise the African hospitality industry and position Transcorp Hotels, to continue to dominate and increase its footprint across Africa.
She also noted the group’s ground-breaking advances in its integrated gas-to-power strategy, leveraging its OPL 281 asset and its partnership with Heirs Holdings, in the acquisition of OML 17 to meet the gas requirements for its power business.
“We have laid a strong foundation for sustainable growth. We remain focused on to creating long-term value for all stakeholders and to position Transcorp as a flagship Pan African conglomerate,” Omogiafo said.
Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu said businesses across the globe had to adapt, be innovative and learn to manoeuvre the volatile macroeconomic environment the COVID-19 pandemic created.
“Though tough for all, we demonstrated our resilience and continued relentlessly in our mission to ensure we improve lives and transform Nigeria. By growing our investments in power and hospitality, we were able to continue to develop our businesses and generate the long-term value our shareholders expect,” Elumelu said.