Lagos, Nigeria – October 22, 2015 – Transnational Corporation of Nigeria Plc (Transcorp) announced its Unaudited Nine Months Financial Results. The Group posted a profit before tax of N7.2 billion for the period under review.
HIGHLIGHTS OF THE RESULT:
- Gross Earnings (Group): N30.43 billion; compared to 2014Q3 results of N31.40bn;
- Gross Earnings (Company): N2.27 billion, compared to N1.12 billion in 2014 (102% YoY growth);
- Profit Before Tax (Group): N7.19 billion
- Profit Before Tax (Company): N1.24 billion, compared to Loss Before Tax of N1.36bn in 2014Q3
- Total assets (Group): N182.98 billion, up 7% from N170.76 billion in 2014
- Total assets (Company): Stable at N54.06 billion, compared to N54.24bn for full year 2014.
Commenting on the result, Emmanuel N. Nnorom, the President/CEO of Transcorp Plc, said:
“Our performance over the past nine months reflects the stability that has been injected into the Group’s corporate strategy since 2011, particularly in light of the challenging business environment. Power remains a key part of our business contributing 65% of revenue. The diversification of our business lines provided stability and reflects the payoff of our investments in world-class human capital.
We expect significant improvement in the power sector in the coming weeks, as this accounts for a significant part of our turnover.”
Also speaking on Transcorp’s financial performance and position, the Group CFO, Ibikunle Oriola said:
“We have maintained steady top line numbers in our power and hospitality business, as our Agribusiness continues on a strong growth trajectory.
Revenue declined slightly (9% yoy) for the hotel business as average daily rate grew to offset the impact of slightly declining occupancy rates caused by lower visitors’ traffic in Abuja. We’re expecting a stronger finish in Q4 2015 due to a number of announced events and expected uptick in government activity.
What’s more, the agribusiness contribution to the Group has increased by 1220.5%, with revenue growth of 1179% driven by orders received for sale of orange juice concentrate.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable 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 Transcorp Energy Limited.
For more information about Transcorp, please visit www.transcorpnigeria.com