The Transnational Corporation of Nigeria plc (Transcorp) has demonstrated its transformational ability over
ailing businesses as it presented laudable achievements of 2013 to the
Nigerian Stock Exchange (NSE) Monday afternoon, reports NaijaAgroNet with investment on Ughelli Power Plant topping list, while food processing subsidiary, Teragro, enjoying new investments.
Management officials visited the NSE for a ‘facts behind the
figures’ presentation to the Exchange, stockbrokers and analysts, highlighting
key fundamentals of the company’s business dynamics that have driven its recent
impressive performance on the stock market.
NaijaAgroNet
notes that key accomplishments for Transcorp in 2013 include the acquisition of
the 1000MW Ughelli Power Plant in November, after paying a bid price of $300m.
Earlier this year, Heirs Holdings committed $2.5b to power investments
throughout Africa under the Power Africa initiative; the Ughelli purchase is
the first major transaction under the programme.
Transcorp’s strategy of seeking synergistic investments
across the value chain in Nigeria, with the power purchase complementing
existing investments in oil and gas, has been welcomed by investors, who are
beginning to appreciate the strong strategic direction Heirs Holdings brings to
the conglomerate.
Chairman of Transcorp, Tony O. Elumelu, who doubles as chairman, Heirs Holdings, was quoted in a press statement made available to NaijaAgroNet as saying, “Transcorp represents the new Nigeria—dynamic, globally competitive, transparent and founded on good governance. We promised
our investors that they would reap the rewards of their patience, and now we
have built a company that is not only sharing the tangible fruits of our
labour, it is also a vehicle for all Nigerians to gain access to the
opportunities that our country offers.”
NaijaAgroNet notes that Transcorp’s presentation showed the company’s investments
benefiting key sectors across the Nigerian economy.
In the agribusiness space, the company is
making new investments in food processing subsidiary Teragro, following its
recent attainment of global certifications in international safety standards
for its juice concentrate products. In the hospitality sector, Transcorp has commenced
the refurbishment and expansion of the award-winning Transcorp Hilton Hotel,
Abuja. In oil and gas, the company expects to see production start on oil block
OPL 281 next year.
“Transcorp is one of the few ways through which
institutional investors can obtain diversified access to Nigeria’s key economic
sectors, from power and hospitality to oil and gas and agriculture. Our long
term, sustainable investment philosophy reflects Heirs Holdings’ ability to
create value, just as we did with the United Bank for Africa, which started as
a national bank and is now one a pan-African institutionm” he said.
Transcorp’s CEO, Obinna Ufudo also said, they were delighted
to be able to come to the Exchange having delivered on promises.
“We believe the Transcorp transformation is only the
beginning and we look forward to recording further success for our
shareholders, stakeholders and staff. We also pay tribute to the critical role
leading shareholder Heirs Holdings has played in catalyzing change,” Ufudo
said.
NaijaAgroNet
recalls that Transcorp’s performance has been transformed from a loss of N8.88
billion loss in 2007, to a profit after tax (PAT) of N1.257 billion in 2011.
This was further improved in 2012 with a PAT of N2.527 billion, and by the end
of September 2013, Transcorp recorded a profit before tax of N5.1 billion for
the first three quarters of the year.
Chuks Egbuna/GEE/APO
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