- Transcorp Grows Profit by 94 Percent to N20.6bn
Transnational Corporation of Nigeria Plc has reported profit before tax of N22.4 billion in 2018, up by 82 per cent when compared with N12.3 billion announced in the preceding year.
The company, which reported its audited results for the year ended December 31, 2018, on Friday, said its total turnover for the year rose by 30 per cent to N104.2 billion.
Total profit after tax rose by 94 per cent from N10.6 billion recorded in 2017 to N20.6 billion.
Speaking on the report, the President and Chief Executive Officer, Transcorp, Mr Valentine Ozigbo said: “We’re proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy.
Ozigbo, who assumed office in January, said Transcorp would continue to strive for the best and deliver significant value to stakeholders while focusing on long-term goals.
He further said, “In addition, we were able to cut down on our loss from foreign exchange arising from financing activities by 30 per cent year-on-year as we experienced a relatively stable exchange rate during the fiscal year ended 2018; this, no doubt, impacted our profit before tax as it soared 82 per cent year-on-year.”
Mr Tony Elumelu, The Chairman, Transcorp, said, “We remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.”