We expect TRANSCORP’s 9M’21 revenue traction to persist and project a revised growth of 55.1% (30.5% previously) for FY’21. Our growth expectation is premised on contained support from the energy and hospitality businesses, following weaknesses observed in the peak period of the pandemic. We also believe that the passthrough of the FY’21 performance will impact FY’22 and, hence, forecast a 7.1% top-line growth for the period. Continued expansion of the power business supported by improved gas supply and generating capacity. Already, we note the 49.2% surge in 9M’21 energy revenue partly supported by the increased available capacity (from 500 MW to 660 MW following the acquisition of Afam Genco) and the successful activation of the GSAA1, which improved gas supply to the company’s turbines. We also expect the reactivation of two energy turbines (G15 and GT16), which had been offline for most of FY’21, and a ramp-up of electricity sales in the West African market to provide further support to top-line in FY’22.