Transcorp’s H1 profit soars 658% as hotel industry rebounds
Transnational Corporation of Nigeria Plc has reported a profit before tax of N7.05 billion for the first half of the year, compared to N929.881 million in the same period of 2020.
Transcorp’s profit after tax jumped to N6.50 billion in H1 2021 from N778.197 million in the same period a year ago.
Its revenue rose to N53.26 billion in the period under review from N34.95 billion in H1 2020, according to its unaudited financial statements obtained by Markets Reporters.
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, where one of Transcorp’s subsidiaries, Transcorp Hotels Plc, is a major player.
Transcorp’s revenue is generated mostly from two key sectors: power, which contributes about 70 percent of the group’s revenue; and hospitality, which contributes about 30 percent of the group’s revenue, according to the financial statements.