Transcorp declares 20 % growth in revenue

For the first quarter ended March 31, 2017, Transnational Corporation of Nigeria Plc (Transcorp), has announced total revenue of N13.2billion representing a 20% increase when compared to the Group’s performance of N15.8billion in the corresponding period of 2016.

 According to the Group,  Gross Profit increased to N6.94billion, indicating 17 per cent growth from N5.91billion in 2016 first quarter while operating profit is N4.23billion from N3.25billion recorded in 2016 first quarter.

 Other highlight of the result includes:

* Net Finance cost: N2.81bn compared to N1.52bn in Q1 2016;

·Tax: N238mn compared to N524mn in Q1 2016;

· Profit Before Tax: N1.73bn compared to N1.72bn in Q1 2016;

· Profit After Tax: N1.49bn compared to Profit After Tax N1.21bn in Q1 2016 (24% YoY increase)

·Total Comprehensive Income: N2.1bn compared to N1.1 in Q1 2016 (92% YoY increase)

·Total Assets: N244.87bn up from N232bn as at 31 December 2016

·Shareholders Fund: N88.56bn up from N86bn as at December 2016.

   Commenting on the result, the President and Chief Executive Officer, Transcorp, Mr. Emmanuel Nnorom said “Transcorp’s resilient performance is drawn from the diversity of our various business offerings. The closure of the Abuja Airport negatively affected occupancy for our hotel business, however this was buoyed by top line Year-on-Year growth in our power business following improvements in gas supply.

“We expect to recover the lost ground brought on by the Abuja airport closure in Q2 2017. The reopening of the airport will pave the way for aggressive marketing that will improve traffic and occupancy at Transcorp Hotels. In addition we expect to see continued improvement in our power sector revenue as gas supply stabilises following the increased capacity of our plant arising from the recent commissioning of Gas Turbine 15”.