Transcorp profit rises to N3.79bn, revenue declines

Transnational Corporation of Nigeria Plc has said its profit for the 2020 financial year increased to N3.79 billion from N3.71 billion a year earlier.

The company, however, said its profit before tax fell to N1.61 billion last year from N7.89 billion in 2019.

Its revenue declined to N75.27 billion from N76.35 billion, according to its audited financial statements released on Wednesday.

Transcorp is principally engaged in the power, agro-allied, oil and gas and hospitality industry.

It said last year’s closure of airports, cancellation of flights and lockdown of the Federal Capital Territory by the Federal Government to ensure the effective combat of the COVID-19 pandemic negatively impacted the hospitality sector, including one of its subsidiaries, Transcorp Hotels Plc.

Transcorp Hotel closed the year 2020 with revenue of N10.2 billion against N20.4 billion recorded in 2019, according to the financial statements.

The parent company said the proactive strategies implemented by the hotel were used to minimise the impact of the pandemic on the hotel’s performance and had put the company on a steady recovery path.

It said, “With the ease of lockdown, we have seen significant pick-up in occupancy and improvement in our business segments, with some of our outlets opened and fully operational.

“The company’s management continues to implement several precautionary measures to ensure the safety and security of all its guests and team members against COVID-19 virus. We also continue to explore opportunities the pandemic presents in order to maximize our operational performance.”