Transcorp repositions to perform and deliver to all its stakeholders. Releases 2011 financial result

Transnational Corporation of Nigeria Plc (Transcorp) released its audited accounts and consolidated financial statements of the group for the year ended December 31, 2011. • Operating profit of N1.4billion; an increase of 88% over 2010 • Revenue and gross profit increased by N451million or 19% over 2010 • Operating expense reduced by N258million over 2010 The company reports a healthy improvement in its operating and financial performance following several strategic initiatives begun over the past year by the new management. In addition, the new Transcorp board and management have commenced a program to redefine and refocus the Group’s businesses. In a statement released by the company, the President and Group Chief Executive Officer Mr Obinna Ufudo stated “In 2011, we have worked towards diversifying our business mix in order to enhance our portfolio returns. We will achieve this by creating a number of new businesses in our key focus sectors of Agriculture, Energy and Hospitality". The results indicated that as part of its transformation in 2011, Transcorp resolved legacy issues across the group and necessary adjustments were made in the accounts to reflect this. At the Group level, revenues rose marginally by 1.07% to N 14.07 billion from the previous year’s N13.9 billion, in spite of the harsh operating environment. Profit was N4.67 billion from N5.39 billion the previous year. However, adjusting these figures for the exceptional item of N2.89billion in 2010, shows a growth of 40% year-on-year.