Transnational Corporation of Nigeria Plc (Transcorp), first quarter ended March 31, 2017 released Wednesday showed that the Group’s total revenue rose from N13.2bn to N15.8bn representing a 20 per cent boost compared to Q1 2016.
The conglomerates result for the Q1 2017 released by the Nigerian Stock Exchange (NSE) Wednesday showed that Profit After Tax peaked at N1.49billion , against Profit After Tax of N1.21bn in Q1 2016,reflecting 24 per cent YoY increase.
Gross Profit peaked at N6.94billion, from N5.91billion recorded in the corresponding period 2016, indicating 17 per cent growth year on year (Y/Y).
Operating Profit rose to N4.23billion from N3.25billion in Q1 2016, showing 30 per cent year on year (YoY), Net Finance cost increased to N2.81billion compared to N1.52bn in Q1 2016. The result showed that the conglomerates paid tax of N238million, compared to N524million in Q1 2016.
Profit before Tax rose to N1.73billion compared to N1.72bn in Q1 2016, Profit after Tax stood at N1.49billion.
Total Comprehensive Income: closed the Q1 period at N2.1billion compared to N1.1billio in Q1 2016, indicating 92 per cent YoY increase.
The group’s balance Sheet showed that Total Assets stood at N244.87billion up from N232billion as at 31 December 2016, while Shareholders Fund rose to N88.56billion, from N86billion as at December 2016.
Mr. Emmanuel Nnorom, President and Chief Executive Officer, Transcorp, 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.
He said that group said that it is positioned to recover lost grounds due to closure of Abuja International Airport. “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” Nnorom added “ 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. The group’s portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors.