Despite the global economy slow down in 2015, Transnational Corporation of Nigeria PLC ( transcorp) the group operational profit grew from N13.6b in 2014 to N15. 03 billion in 2015 a 10 percent growth.
However, the group continues to maintain a strong assets base with total assets growing by 19 percent to N202.9 billion from N170.8 billion in the previous year.
Chairman and Board of Directors of Transcorp PLC Tony Elumelu Disclosed this over the Weekend at the 10th Annual General Meeting (AGM) of Transnational Corporation of Nigeria PLC held at Transcorp Hotels Calabar, Cross River State.
According to him, “We are very optimistic about the prospects for power generation which is key to unlocking Nigeria’s economic development, the challenges still remain-ranging from gas supply and evacuation difficulties as well as a compensatory tariff structure.”
He said nevertheless, efforts are still being made to consolidate on the gains. Transcorp Power, he said significantly increased generating capacity in 2015.
Also increased the plant’s availability capacity by additional 102MW after rehabilitation of 18 gas turbines.
Elemelu said the company is on track to deliver on its capacity target for the year 2016 representing 20 percent of Nigeria electricity output.
He said it is the dream of the company to generate at least 25 percent of Nigeria future electricity supply.
” The renovations are underway and we will bring the latest in hospitality and conferencing design and comforts to west Africa largest hotel. We will continue to explore opportunities that will lead to creation of significant value for all stakeholders in the coming years.
MIKE ABANG
