Transnational Corporation of Nigeria Plc (Transcorp), a leading Nigerian conglomerate, has announced financial results for its first quarter ended March 31, 2017.
In the result, the Group’s total revenue increased from N13.2 billion to N15.8 billion, representing a 20% increase when compared to the Group’s performance in the corresponding period of 2016.
Also, the gross profit of the company rose from N5.91 billion in Q1 2016 to N6.94 billion, showing a rise by 17%.
Its Operating Profit also moved to N4.23 billion from N3.25 billion in Q1 2016, while the Net Finance cost stood at N2.81 billion compared with N1.52 billion in Q1 2016.
On the tax, it went from N524 million in Q1 2016 to N238 million in Q1 2017, leaving the Profit Before Tax at N1.73 billion compared with N1.72 billion in Q1 2016 and the Profit After Tax at N1.49 billion compared with N1.21 billion in Q1 2016, an increase of about 24%.
Also, the Total Comprehensive Income stood at N2.1 billion compared with N1.1 billion in Q1 2016, indicating a 92% rise.
The company’s Balance Sheet remained strong with the Total Assets moving up to N244.87 billion from N232 billion as at 31 December 2016, while the Shareholders Fund rose to N88.56 billion from N86 billion as at December 2016.
Commenting on the result, the President and Chief Executive Officer, Transcorp, Mr Emmanuel Nnorom said “Transcorp’s resilient performance is drawn from the diversity of our various business offerings. The closure of the Abuja Airport negatively affected occupancy for our hotel business, however this was buoyed by top line Year-on-Year growth in our power business following improvements in gas supply.
“We expect to recover the lost ground brought on by the Abuja airport closure in Q2 2017. The reopening of the airport will pave the way for aggressive marketing that will improve traffic and occupancy at Transcorp Hotels.
“In addition we expect to see continued improvement in our power sector revenue as gas supply stabilises following the increased capacity of our plant arising from the recent commissioning of Gas Turbine 15.”
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors.
Its portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Limited, owner of 972Mw power plant. Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited.
