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Sustained Growth: Transcorp Plc Delivers Strong Performance as Revenue Rises by 21%

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Dr. (Mrs.) Owen Omogiafo


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. 

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Inflation: Real reason Indomie reduced Prices of Popular Staple Food item Revealed

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A flagship brand under Dufil Prima Foods Limited, Indomie Instant Noodles, has announced a significant reduction in prices to ensure affordability for consumers amidst Nigeria’s escalating inflationary pressures.
The decision came as a response to mounting economic challenges faced by Nigerians, with the aim of maintaining accessibility to this popular staple food item.
And this has been confirmed by a recent survey conducted across various stores in Lagos, which revealed a notable decrease in the prices of Indomie products. The cost of the 70g pack of Indomie Regular Chicken noodles plummeted from N300 to N250 compared to the previous month.
Additionally, the price of a 40-pack carton of Indomie dropped from N12,000 to N10,000 within the same timeframe. Prior to this adjustment, Indomie’s prices had surpassed those of competing brands such as Mimee (N200) and Honeywell noodles (N250).
Temitope Ashiwaju, the group corporate communications & event manager at Dufil Prima Foods Limited, attributed the price reduction to favourable changes in operational costs.
He emphasised the company’s commitment to passing on benefits to consumers, stressing their dedication to fairness and affordability.
“We are never going to be taking advantage of the populace. We want to make profit, but in a fair way,” the spokesman added. “That is why we are determined to keep our products affordable to Nigerians.”
Contrary to speculations suggesting low patronage as the driving factor behind the price adjustment, Ashiwaju reaffirmed that the decision was rooted in the company’s ethos of customer-centricity and fairness.
Industry experts have hailed Dufil Prima’s move as influential, predicting a ripple effect that could prompt other brands to follow suit because Indomie’s dominant position in the market has positioned it as a price setter, prompting expectations for broader shifts in pricing strategies across the industry.
The price reduction by Indomie comes amidst a backdrop of economic challenges in Nigeria, characterised by soaring inflation rates.
Over the past nine months, Nigeria has witnessed a steady rise in headline inflation, driven primarily by government reforms such as the removal of petrol subsidy and naira devaluation.
As a result, food inflation has surged, exacerbating the financial strain on households and leading to an increase in poverty levels.
Despite these economic headwinds, a recent report by Euromonitor International indicates robust growth in the sales value of noodles within Nigeria’s formal market.


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Sosa Fruit Drink and Rite Sausages Thrill 60 Consumers with Movie Hangout and Freebies

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Sixty lucky fans of premium Sosa Fruit Drink and delicious Rite Sausages, owned by Rite Foods Limited, were treated to an exhilarating movie experience on Saturday, February 24th, 2024. These consumers, selected from an online Valentine’s Day engagement, enjoyed the romantic comedy “All’s Fair in Love” at the Silverbird Cinema in Ikeja City Mall.

The winners, along with their companions, received valuable gift items and expressed their gratitude to the award-winning brands for creating a memorable and refreshing afternoon. They savoured the variety of Sosa Fruit Drink flavours (Orange, Apple, Orange Passion Mango, Mixed Berries, and Cranberry) in both 35cl and 1-liter packs, alongside the popular Rite Spicy Beef and Bigi Beef Sausage Roll that have become consumers’ favourite.

“This event was an innovative way to show our appreciation for our loyal customers and celebrate the spirit of Valentine’s Day,” said Ms. Adebola Adeyinka, Assistant Marketing Manager, Rite Foods Limited. “We are committed to providing value and opportunities for our customers, and this event was a fun way to do just that.”

The free movie outing reinforces Rite Foods’ commitment to its core mission of putting consumers at the heart of everything they do. The company’s dedication to quality and value is evident in the numerous awards their products have received, including the “Outstanding New Product of the Year – Juice” award for Sosa Fruit Drink in 2023 and the “Best Value for Money – Sausage Brand” award for Rite Foods’ Sausage Roll in 2023.


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RevolutionPlus Property Rubbishes Kayode Oladipo’s Claims

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RevolutionPlus Property Boss, Bamidele Onalaja

Revolution Plus Property, a leading real estate company, has stated her side of the story on the allegations against the firm in a viral video clip made by one Mr. Kayode Oladipo over 20 plots of land he purportedly bought in 2017 without any physical allocation of the said plots.

The company’s management stated their side of the story at a meeting facilitated by the Lagos State Real Estate Regulatory Authority, LASRERA on the directive of the State Governor, Mr. Babajide Sanwo-Olu at Alausa, Lagos.

The Revolution Plus’ full statement below:

“Sequel to the false allegations made by Mr. Kayode Oladipo, that the Company collected the sum of 40 Million(Forty Million Naira) from him without allotting him the land he paid for, the Lagos State Government (LASG) invited our Company to intervene in the matter.

“The meeting which took place on Friday, 19th January 2024, by 10 am took place at the LASRERA Office Alausa, where the Commissioner for Housing, Moruf Akinderu Fatai, the Special Adviser to the Governor Housing, Barakat Odunuga Bakare, the Permanent Secretary, Lagos State Ministry of Housing, LASRERA Officials and Revolutionplus Property Development Company’s CEO, Dr Bamidele Onalaja, the GED, Mrs Tolulope Onalaja and other officials in the Company were in attendance.

“In trying to mediate in the matter, Mr. Kayode Oladipo was given a call and he indeed admitted upon questioning that he lost his job at a point and could not proceed with payment of the required fees as expected and within the stipulated time frame.

“Mr. Kayode Oladipo also confirmed that he didn’t pay the sum of Forty Million Naira (N40,000,000) as alleged in the viral video but paid the sum of N18,000,000.

“In response to his claims, the GED of Revolution Plus Property refuted the claims of the N18,000,000 allegedly paid by Mr. Kayode Oladipo, stating with evidence that the total sum paid to the Company was N16,752,000 (Sixteen Million, Seven Hundred and Fifty Two Thousand Naira only). Attached herewith are the evidence of payment in this regard.

“Upon further discussion, Mr. Kayode Oladipo also admitted that he indeed bought the plots of land in 2017 and could not complete payment because he lost his job.

“He claimed that he came back in 2020, but the CEO of Revolution Plus refuted his claims and reiterated that he was only aware that Mr. Kayode Oladipo came back in 2022, six years after his initial payment, demanding to be allotted the same land he subscribed for in 2017, despite his default in payment.

“The CEO met with Mr Kayode Oladipo and empathized with him over his financial plight, and further explained the penalties attached to default in payment to him as stipulated in the contract signed by parties.

“The CEO stated that the Company in its commitment to priotizing its customers, will make other options available for him in the equivalence of the monies he had paid. Furthermore, the CEO of Revolution Plus Property, Dr Bamidele Onalaja appreciated his Excellency, the Lagos State Governor, Babajide Sanwo-Olu, for stepping into the matter and giving room for the company to state her side of the story.

“The CEO also stated that out of respect for the Lagos State Government, and the relevant bodies assigned to regulate the real estate industry in Lagos State, the company was willing to allocate lands in another location at one of its Estates, Amazon Estate, Epe.

“The CEO expressed displeasure at the slanderous coloration given to the video explaining that the Company had been doing business for years and had continued to operate within the ambits of the law despite all challenges posed to the business in Nigeria.

“The CEO also stated that Revolution Plus Property had served a lot of Nigerians in the Diaspora and had continued to work with the vision of the Lagos State Government to attract investors from the Diaspora especially in the real estate industry.

“To resolve the matter, the Commissioner for Housing appealed to both parties to tow the part of peace, and it was decided thus:

• That Mr Kayode Oladipo would do a Video the next day appreciating the Lagos State Government for mediating and resolving the issue.

• That in the said Video, Mr Kayode Oladipo will do a retraction of his distorted allegations of fraud, and state emphatically that Revolution Plus Property did not set out to dupe, defraud or scam him.

• That when the video is done, the alternative land promised by the Company in the equivalence of the monies paid will be immediately allotted to Mr. Kayode Oladipo the same week, the retraction is done.

• Whilst we are still waiting for Mr. Kayode Oladipo to do the Video as promised in the meeting. We wish to appreciate the Lagos State Government for stepping in as a mediator to resolve the issue, We also appreciate all our esteemed customers who reached out to us to encourage us and stand by us in the heat of the issue. We are committed to service and customer satisfaction and we will not relent.

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