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Transcorp posts N9.7bn profit in nine months

By on November 4, 2014

Hopes of shareholders of Transnational Corporation of Nigeria Plc (Transcorp) to receive another dividend at the end of the financial year were raised last week as the company announced improved results for the nine months ended September 30, 2014.

Shareholders of Transcorp got a dividend of N1.9 billion for the 2013 financial year for first time in seven years. And going by the performance of the company, another dividend payment is imminent. Transcorp reported   profit before tax of N9.7 billion, up by 89 per cent from N5.15 billion in the corresponding period of 2013. The profit was recorded out of revenue of N31.4 billion, compared with N11.8billion posted in 2013. Total expenses rose by 41 per cent from N6.6 billion to N9.3 billion.

Profit before tax grew from N5.15 billion to N9.7 billion, while profit after tax improved by from N3.5billion to N8.263 billion.  Total assets stood at N157 billion compared with N149.454 billion as at December as at December 31, 2103.
Commenting on the results, the Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom said, “Our third quarter 2014 results underscore our determination to achieve our full year  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 five-star hotels in Lagos and Port Harcourt.”

He expressed the confident that the strategic activities in all their business focus areas would deliver strong growth and sustainable value in the years ahead.
Chairman of the Transcorp, Mr. Tony Elumelu had during the last annual general meeting, told   shareholders that the conglomerate used the 2013 business year to solidify its transformation noting that the very strong financial and operating results in the year were evidences of the success of the transformation.
According to him, the company’s results have begun to show the benefits of the discipline execution of strategy while shareholders have begun to see their rewards.

 

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