Transcorp records N8.2bn profit

Transnational Corporation of Nigeria Plc (Transcorp) has recorded N8.2 billion group profit after tax, on the strength of an “improved and sustained production capacity” in their power operations.

The company’s financial results were released for the third quarter (Q3 2017) which ended September 30.

According to a press statement, the company recorded a profit after tax of N8.2 billion for Q3 2017, a 158 percent year on year (YoY) growth from loss of N14.21 billion in Q3 2016.

Transcorp’s gross profit improved from N19.84 billion in Q3 2016 to N25.62 billion, signaling a 45 percent increase YoY in Q3 2017, along with an operating profit of N16.81 billion compared to N11.58 billion recorded in Q3 2016.

Equally, total revenue grew from N41.92 billion to N56.76 billion, signalling a 35 percent growth YoY in  Q3 2017, with total comprehensive income standing at N10.1 billion compared to loss of N13.81 billion in Q3 2016.

Company total assets increased to N287 billion, from N232 billion recorded in December 2016, while shareholders fund grew by N11 billion from N86bn as at December 2016.

Adim Jibunoh, president and chief executive officer Transcorp, said he was impressed with marked developments within the organisation due to enhanced production capacity across the group’s business interests.

“This result was achieved largely through improved and sustained production capacity in the power business as a result of improvements in gas supply amongst other initiatives and the positive outlook in our hospitality business,” he said.

“Our power plant has consistently ranked as the number one power producer in the country for Q3 2017 and we are on track for a stronger performance in Q4 2017, as we progress plans to increase our available capacity.

“In addition, improvements in general economic activity in Abuja (on the back of implementation of FY 2017 budget) and return to operations of newly upgraded room stocks will boost occupancy and top line performance for Transcorp Hotels in Q4 2017,” he said.