- Transcorp Grows Profit by 262% in Q1
Transnational Corporation of Nigeria Plc has reported a growth in profit of 262 per cent for the first quarter of 2018 compared to the same quarter in 2017.
The group reported N26.3bn in revenue, which translates to 67 per cent revenue growth for the period when compared to the same quarter last year while its profit before tax stood at N5.9bn, which is a significant leap from N1.7bn reported in Q1 of 2017.
The conglomerate’s Q1 2018 operating profit of N8.50bn significantly exceeded the N4.2bn reported in Q1 2017.
Transcorp closed out the quarter with tax expenses of N524m, profit before tax of N5.9bn compared to N1.7bn in Q1 2017; and profit after tax of N5.4bn compared to N1.5bn in Q1 2017.
The company’s total assets also received a boost. The recorded N295.7bn is a 3.6 per cent increase from N285.5bn in 2017 full year; and the shareholders fund stood at N101.8bn, which is a six per cent increase from N95.7bn in 2017 full year.
Commenting on the result, the President/Chief Executive Officer of the company, Adim Jibunoh, said, “The profit reported in the period ended 31 March 2018 was largely as a result of increase in power generation from our power business coupled with improved gas supply to our turbines. We also sustained our maintenance program and plan for the plant.
“Also, our hospitality business remains resilient, posting stronger year-on-year performance. Specifically, we continue to maintain market leadership with occupancy levels that are way ahead of competition.”
