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Transcorp’s half-year revenue jumps by N19.2bn despite FX volatility

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10 months ago

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Transcorp Group, says it recorded a 46 percent growth in revenue for the first half (H1) of the financial year which ended June 30, 2023.

Trancorp Group is one of Nigeria’s leading conglomerate with investments in power, hospitality and energy sectors.

In a statement on Sunday, the organisation said its revenue rose from N62.9 billion in H1 2022, to N82.1 billion in the first six months of the current year.

The half-year performance represents a substantial 31 percent (N19.2 billion) growth year-on-year.

Transcorp Group said its operating income also grew by 46 percent to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

In its financial report filed with the Nigerian Exchange (NGX), the company said it reported a 39 percent growth in profit before tax to N18.5 billion in 2023, compared to N13.4 billion reported in the previous year.

Commenting on the company’s financial results for the period, Owen Omogiafo, president and group chief executive officer (CEO), said the organisation, through the challenging operating environment characterised by foreign exchange volatility, gas supply constraints, rising inflation, amongst others; sustained growth and improvement.

“The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblaser in the Nigerian business realm,” Omogiaf0 said.

“In spite, of the challenging environment, our power businesses — Transcorp Power Limited and Transafam Power Limited — have sustained revenue growth increase by 32 percent and 30 percent respectively while our hospitality continues to outperform across all indices.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”

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FAAN begins sale of e-tags at airports

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1 hour ago

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May 17, 2024 11:59 am

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The Federal Airport Authority of Nigeria (FAAN) has begun the sale of electronic tags (e-tags) at airports.

In a statement on Friday, FAAN said this initiative is in line with the presidential directive that mandates the use of e-tags for accessing the nation’s federal airports.

“Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May, 2024 at the following locations,” FAAN said.

“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.

“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”

FAAN said there will be an option to pay in cash at the access gates for motorists without e-tags.

On May 14, Festus Keyamo, minister of aviation, announced everyone, including the president and vice-president, would pay tolls at the nation’s airports.

Keyamo said the government was losing over 82 percent of the revenue it should have earned from the access fee.

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Business

Emirates Airlines return to Nigeria October 1

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1 day ago

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May 16, 2024 12:45 pm

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Emirates Airlines has confirmed its return to operations in Nigeria starting October 1, 2024.

The airline disclosed this via its official X handle Thursday.

“We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities,” the tweet read.

The airline will be operating a daily service between Lagos State and Dubai, and will offer customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.

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Naira appreciates at official window, depreciates at parallel market

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1 day ago

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May 16, 2024 8:33 am

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The naira depreciated to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.

The current FX rate signifies a decline of 1.95 percent from the N1,520/$ reported on May 13.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,510/$ and the selling rate at N1,550/$ — leaving a profit margin of N40.

At the official window, the local currency appreciated by 4.21 percent against the dollar from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,593 and at a low rate of N1,401 during trading hours.

The daily foreign exchange market turnover was $289.14 million.

On May 14, the Economic and Financial Crimes Commission (EFCC) said foreign missions based in Nigeria use third parties to transact in foreign currencies.

Speaking during an interview, Wilson Uwujaren, EFCC’s acting director of public affairs, said the commission has a task force whose duty is to fight the abuse of the naira and discourage transactions in dollars within Nigeria — which is against the law.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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