Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines. The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021. 
The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022. The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation. 
It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively. Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.
The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets. Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.
Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations. She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.” 
Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.
About Transnational Corporation Plc
Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy. 

Oando, the Nigerian integrated energy solutions provider led by oil tycoon Adewale Tinubu, achieved an impressive turnaround in its operations, resulting in a profit of N34.73 billion ($75.4 million) at the end of its 2021 fiscal year, which ended on December 31, 2021 —a stark contrast to the losses reported the previous year.

Despite production decreases due to shut-ins for repairs and maintenance and sabotage incidences at its facilities, the Nigerian energy group earned a substantial N34.73 billion ($75.4 million) in profit at the end of its 2021 fiscal year, representing a dramatic improvement from its loss of N140.67 billion ($305.6 million) the previous year.

Thanks to a 105 percent increase in realized average crude oil price from $34.21 per barrel to $70.12 per barrel as well as a 40 percent increase in natural gas price, the group’s revenue increased by a tremendous 51 percent, from N477.07 billion to N722.45 billion, during the period under review.

Adewale Tinubu, Group Chief Executive of Oando Plc, commented on the group’s 2021 performance, said: “2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices tempered by an increasingly challenging local operating environment. Bullish oil prices throughout the year saw us record a 105 percent increase in the average realized oil sale price, while a surge in militancy and sabotage across the Niger Delta resulted in a 40 percent decline in average hydrocarbon production compared to 2020.”

Tinubu added that despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable, contributed to a net profit of N34.7 billion ($75.4 million), as the group continued to drive growth of its existing businesses, while also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague the local industry

Despite the rebound in the group’s earnings, its total assets declined from N1.39 trillion ($3.02 billion) to N998.05 billion ($2.17 billion), and retained losses expanded from N424.26 billion ($922 million) to N478.65 billion ($1.04 billion)

As we continue to drive the growth of our existing businesses whilst also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate-friendly and bankable energy solutions via Oando Clean Energy Limited, thus expanding our portfolio from oil and gas to include non-fossil energy solutions. We will continue to update our esteemed shareholders as progressive developments are made in the coming year,” Mr Tinubu added.

Billionaire Entrepreneur and Founder, Tingo International Holdings, Mr. Dozy Mmobuosi, has stressed that the aviation sector in Africa required more investment to develop and meet the demand of a rapidly expanding population.
In a statement on Thursday, Mmobuosi has long held ambitions to make investments in the aviation sector driven by his belief that the sector in Africa requires investment.
In 2019, the billionaire investor established Tingo Airlines Ltd (UK) with the goal of acquiring a license and operating flights between Europe and Africa. However, due to the outbreak of Covid-19 in early 2020, Mmobuosi redirected resources towards Tingo Mobile to develop Nwassa and Tingo Pay.
While Tingo Airlines Ltd (UK) is in the process of being dissolved following the disruption to the global aviation sector, Mmobuosi and Omni-Blu Aviation Limited, a fast-growing airline incorporated in Nigeria to provide regular, customised, and specialised air transportation services, entered into a Joint Venture and Mutual Cooperation Agreement (JVMC) in 2020.
They incorporated in Nigeria, a Joint Venture Company (JVCo) called Omni-Tingo Aviation Services Limited as the commercial vehicle through which their mutual aspirations would be administered.
The JVMC flights are to be operated under Omni-Blu Aviation licences [the technical partners under the JVCo] with Mmobuosi’s Family Office providing the requisite funding resources for aircraft leasing and acquisitions towards their common objective.
Whilst the Covid 19 years of 2020 and 2021 slowed down the pace for their full launch, the Omni-Tingo JVCo have made significant progress since it resumed its project implementation plan; having completed the purchase of a Sirkosky S-76C++ Helicopter in November 2022: and currently completing a transaction for the purchase of a Challenger 605 Business Jet in the USA. The JVCo is also currently in active negotiations for the lease of several regional jets to commence domestic and regional flight operations in Nigeria and across the region.
Mmobuosi, and Omni-Blu Aviation Limited through its appointed representative, own 50% shareholding of Omni-Tingo JVCo respectively.