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Transnational Corporation of Nigeria plc has announced financial results for period ended March 31, 2018. The Group reported N26.3 billion in revenue, translating to 67 percent revenue growth for the period when compared with same quarter last year.
Group profit before tax (PBT) stands at N5.9 billion, a significant leap from N1.7 billion reported in Q1 2017.
This news of continued success for Nigeria’s own conglomerate gives good reason to believe that the success of 2017 will be sustained through 2018. The conglomerate’s Q1 2018 Operating Profit of N8.50 billion significantly trumps the N4.2 billion reported in Q1 2017 (101%YoY increase).
Transcorp closed out the quarter with Tax Expenses of N524 million, PBT of N5.9 billion compared with N1.7 billion in Q1 2017, and profit after tax of N5.4 billion compared with N1.5 billion in Q1 2017. This is a development that is expected to please shareholders that are already looking forward to the dividend proposed by the board of directors for the period ended December 31, 2017.
The company’s total assets also received a boost. The recorded N295.7 billion is a 3.6 percent increase from N285.5 billion in FY 2017; and the shareholders fund now stands at N101.8 billion, which is a 6 percent increase from N95.7 billion in FY 2017.
Commenting on the result, the president/CEO, Adim Jibunoh, said, “The profit reported in the period ended 31 March 2018 was largely as a result of increase in power generation from our power business coupled with improved gas supply to our turbines. We also sustained our maintenance program and plan for the plant.
“Also, our hospitality business remains resilient, posting stronger year-on-year performance. Specifically, we continue to maintain market leadership with occupancy levels that are way ahead of competition.
“We equally expect to benefit from the upside of the new improved infrastructure following completion of our upgrade project in Transcorp Hilton Abuja. The upgrade project is currently on track.”
