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Transcorp Announces Profit before Tax of N5.1bn for the Nine Month Period ended September 30, 2013

Thu, 31st Oct 2013

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Lagos, Nigeria – October 31, 2013 – Transnational Corporation of Nigeria Plc (Transcorp) has announced an impressive Profit Before Tax (“PBT”) of N5.1bn for the third quarter ended September 30, 2013 which represents 130% of its full year 2012 PBT.

Commenting on the results, the President and Chief Executive Officer; Transcorp, Mr. Obinna Ufudo said:

We are pleased to present our third quarter results which follow our now established trend of steady improvement.

  • Gross earnings for the Group stood at N16.1bn which represents 102% of full year 2012 earnings of N15.8bn
  • Group PBT for the period was N5.1bn representing 30% increase over PBT for full year 2012 of N3.9bn
  • Total assets for the Group grew by 53% from N75.6bn for full year 2012 to N115.8bn as at the third quarter ended September 2013.

Overall, our financial results till date reflect the effective execution of several strategic initiatives and the restructuring of our businesses. We are pleased with the stable and positive growth of our earnings, and are already working out plans to further improve on it.

We expect to consolidate on our strong financial results in the near term as we take over the ownership and operations of the 1000mw capacity Ughelli Power Plant and commence refurbishment and upgrade of our existing hospitality assets as well as development of new hotels.

Furthermore, we are poised to exploit identified opportunities in the oil and gas and agriculture sectors to add new assets to our existing portfolio of investments. Overall, we believe that our expanding portfolio of investments will deliver a platform for strong growth and sustainable value in the years ahead.

– ENDS –
About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Ughelli Power Limited. For more information about Transcorp, please visit www.transcorpnigeria.com

For more information, please contact:

 

Dupe Olusola

Director, Resources

Transnational Corporation of Nigeria Plc

Email: dolusola@transcorpnigeria.com

Telephone: +234 (0)1 9033946