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Transcorp Plc Delivers Solid Q1 Performance as Profit Leaps by 147%

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Firing on all cylinders, Transnational Corporation Plc, (Transcorp Group) has reported significant and impressive returns in all its major financial indices for the first quarter ended March 31, 2022.

Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0bn rising significantly by 147% up from N2.0bn recorded in March 2021; while Profit before tax which stood at N2.5bn in March last year, gained 129% to N5.7bn in the same period under consideration.

A further look at the results showed that revenue increased by 28% from  N24.4bn at the end of the first quarter of 2021; to N31.4bn as at March 2022, while operating income followed the same pattern as it grew by 45% to N10.0bn up from N6.9bn reported the previous year.

An increase in expenses such as Inventories, prepayments, trade and other receivables, however, did not dampen the Group’s total assets which rose to N417bn in the period under review, up from N416bn recorded at the end of the 2021 financial year; just shareholders’ funds also rose by 3% to N151.0bn, up from N146.3bn.

Transcorp’s President/Group Chief Executive Officer, Owen Omogiafo, who was excited at what she described as a great start to a rewarding year, expressed satisfaction with the performance for the first quarter 2022, and noted that the result is in line with the group’s strategy.

She stated “This laudable performance was achieved as a result of the improved activities across all our businesses. We are excited with the results for the first quarter of 2022; delivering 28% rise in Revenue and 129% rise in Profit Before Tax; and we are confident in the strategic direction for the Group as it underlines the success of our long-term objectives of diversifying revenues and accessing new business opportunities to deliver superior values to all our stakeholders.”

Omogiafo re-emphasised the brand’s commitment towards producing long-term value and sustainable impact, adding that already, this has been evident from the results churned out by the business in the full year 2021, and Q1 2022, despite the unstable operating environment, adding, “We will continue to work diligently as we remain well-positioned to provide significant value for our stakeholders.”

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited and Transcorp Energy.

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Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest

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Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”

 

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Evans The Billionaire Kidnapper Bags 21 Year Imprisonment

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Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor Aduba, to 21 years imprisonment for kidnapping one Sylvanus Hafia.

They were accused of conspiring and kidnapping Sylvanus Ahanonu Hafia at about 5:30 pm on June 23, 2014, at Kara Street, Amuwo Odofin in Lagos and were alleged to have captured and detained Hafia and demanded a ransom of $2m.

But they pleaded not guilty to the four charges.

The judge held that the sentence would serve as a deterrent to other aspiring kidnappers

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Poverty, Hunger in the Country, Okowa Blames APC

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…says Delta healthcare will curb medical tourism

Delta State Governor and Vice-Presidential Candidate of the Peoples Democratic Party (PDP), Ifeanyi Okowa, weekend, said that poor management of the nation’s economy by the ruling All Progressives Congress (APC) caused the rising hunger and poverty in the country.

He stated this at an empowerment programme for the people of Ika Federal Constituency at Boji-Boji Owa, Ika North Council by the member representing the constituency at the House of Representatives, Mr. Victor Nwokolo.

The governor, who commended Nwokolo for his gesture, described the event as “empowerment programme with a difference. He said Nigeria was troubled because people were hungry and out of job due to mismanagement of the nation’s economy.

He added that even students were having lots of challenges because their parents could not meet their needs owing to the level of poverty resulting from ineptitude of the APC-led Federal Government.

He, therefore, urged Nigerians to support the PDP, saying it was the only party with clear understanding of the nation’s challenges and had clear solution to rescue the nation.

Earlier, Nwokolo said his motive for the empowerment was to restore hope to the hopeless amid rising hunger and poverty in the land.

MEANWHILE, Okowa, also at the different forum, said the huge investment being made by his administration in the health sector was to improve healthcare delivery and reduce medical tourism in the country.

He disclosed this in an interview with journalists shortly after inspecting facilities at the Advanced Diagnostic Medical Centre and Mother and Child Hospital, Owa-Alero in Ika Council of the state.

He said the twin medical facilities would, on completion, reduce medical tourism as it would provide first-class medical services to people who would have sought medical treatment abroad.

“I am glad we have gotten to this stage. I had high hopes that by today, we would have inaugurated these projects.

“The equipment are fully on site and we are trying to get things fully sorted out and I am sure that in the next one month, it should be ready and opened to the public for use.

“The two projects are obviously very important. The Mother and Child, as it is so stated, is supposed to take care of every illness concerning our women and children,” he said.

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