Transcorp’s Q1 profit grows by 278 per cent

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Transnational Corporation of Nigeria (Transcorp) on Tuesday declared a profit after tax of N3.15 billion for the first quarter ended March 31, 2014.

The profit was a 278 per cent increase, compared with the N834 million posted in the corresponding period of 2013, according to the company’s first quarter unaudited results released by the Nigerian Stock Exchange (NSE) in Lagos.

The company’s profit before tax stood at N3.77billion, as against the N1.31 billion achieved in 2013, an increase of 187 per cent.

The company’s revenue grew by 197 per cent to N10.54 billion, compared with N3.55 billion posted in the preceding period of 2013.

Commenting on the result, Trancorp President and Chief Executive Officer, Obinna Ufudo, said that the performance was in line with its expectations.

Ufudo said that the company would continue to deliver on key diversification milestones in all strategic businesses to sustain growth.

“A significant portion of our current profits is attributed to improved performance in our power and hospitality businesses recorded from the beginning of the year,” Ufudo said.

He said that the company would consolidate on its strong financial results by improving power output from the Ughelli Power Plant and through development of new hotels.

Ufudo added that the company would also diversify and increase the scale of its agribusiness and as well exploit opportunities within the oil and gas industry.

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