Lagos, Nigeria – October 28, 2014 – Transnational Corporation of Nigeria Plc (Transcorp) continued on an impressive growth trajectory for its FY 2014 following the announcement of its Group Profit Before Tax (“PBT”) of N9.7bn for the nine months ended September 30, 2014, an 89% year on year (yoy) increase from September 2013.
Highlights of the half year 2014 results include:
- Gross revenue for the Group stood at N31.4bn which represents 167% growth from third quarter 2013 results of N11.8bn.
- Total operating expenses for the Group of N9.3bn increased by 41% year on year from N6.6bn as at 30 September 2013.
- Group PBT for the period of N9.7bn represents 89% increase on PBT of N5.15bn achieved for Q3 2013.
- Total assets for the Group grew by 6% from N149.454bn for full year 2013 to N157.8bn for nine months ended 30 September 2014.
Commenting on the results, the President and Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom said: “Our third quarter 2014 results underscore our determination to achieve our FY 2014 targets. Our commitment to excellence is evident in the significant achievements we have recorded this year in our power and hospitality businesses. We have significantly increased the generating capacity of our Ughelli Power Plant from 160MW to 476 MW in nine months which has substantially added to our energy and capacity charge revenues. Our flagship hotel, Transcorp Hilton Abuja continues to outperform the Abuja hospitality market. Our just concluded Transcorp Hotels Plc IPO positions us to embark on an aggressive expansion agenda starting with the development of two 5-star hotels in Lagos and Port Harcourt.
Finally he noted: “We are confident that the strategic activities in all our business focus areas will deliver strong growth and sustainable value in the years ahead.
About Transnational Corporation of Nigeria Plc
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. The Company’s portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Ughelli Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and the oil block OPL 281.
For more information please visit our website www.transcorpnigeria.com.
For further information please contact:
Dupe Kupoluyi Olusola
Director of Resources
+234 1 9033946-50