By Dipo Olowookere
Last week, the new President/GCEO of Transcorp Plc, Mrs Owen Omogiafo, presided over her first Annual General Meeting (AGM) in the new position.
The AGM, which was held virtually, offered Mrs Omogiafo, whose appointment took effect from March 25, 2020, after succeeding Mr Valentine Ozigbo, the opportunity to let shareholders and other stakeholders know her plans for the company.
The respected boardroom guru set out her strategic ambitions, whilst also committing to safeguard shareholder interests by ensuring improved dividends.
Business Post reports that for the 2019 financial year, the board recommended the payment of one kobo to shareholders of the company.
But Mrs Omogiafo has assured that things will improve in the coming years, stating that the new management team was dedicated to delivering and exceeding the strategic objectives of the company, rooted in its founding vision and expressed in its corporate purpose of ‘Improving Lives, Transforming Nigeria’.
According to her, “In hospitality, we will deepen and expand our market share by deploying an asset light strategy, leveraging best in class technology and continuously drive the highest service standards.
“In power, we target completing the ongoing transaction for the 100 percent acquisition of another power plant in the gas rich Niger Delta Region of Nigeria – Afam Genco, this year.
“This will enhance our play in the power space, with increased generation capacity, revenue and profitability.
“Our drive to diversify our energy mix will also continue, with a focus on renewable energy and off grid solutions.
“We will continue to monitor developments in the oil and gas space, while making the best decisions in the interest of the company and its shareholders regarding the development of our oil and gas asset, OPL 281.
“Working with the MD/CEO of Transcorp Hotels Plc, Dupe Olusola and the MD/CEO, Transcorp Power Ltd, Chris Ezeafulukwe, and all our highly committed staff and partners, we are well positioned as a group to continue to deliver great value for our shareholders.”
Concluding, Mrs Omogiafo said despite current challenges brought on by the global pandemic, the underlining strength of the group’s businesses, the quality of its assets, its position as the leading Nigerian electricity producer, the proud owner of the Transcorp Hilton Hotel in Abuja, the hospitality gateway to Nigeria and its growing strength as an effective natural resources player, should give shareholders great confidence in the group’s future.
She thanked staff and management particularly for their dedication during the recent lockdown.
At the meeting, shareholders of Transcorp applauded the board and management for the resilient performance achieved in 2019, despite the challenging environment.
They, including Chairman of Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, welcomed the diversified earnings provided by the group.
In the 2019 financial year, Transcorp achieved a turnover of N76.35 billion and profit before tax of N7.90 billion.
Revenue from its power business, Transcorp Power Limited, declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector.
The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17 percent and gross profit increased by 19 percent compared with FY 2018.
