Transnational Corporation of Nigeria Plc (Transcorp), a leading Nigerian conglomerate in its announced financial results for its first quarter ended March 31, 2017, has recorded 20 per cent growth in revenue.
In its financial statement released to the Nigerian Stock Exchange (NSE), the Group’s total revenue increased from N13.2 billion to N15.8 billion representing a 20 per cent increase when compared to the Group’s performance in the corresponding period of 2016.
Further analysis of the result showed that the Group’s Gross Profit improved from N5.91 billion in Q1 2016 to N6.94 billion, representing 17 per centYoY increase.
Operating Profit of the group also advanced by 30 per cent to N4.23 billiion in the year under review from N3.25 billion in Q1 2016, while Net Finance cost was N2.81 billion in Q1 2017 compared to N1.52 billion in Q1 2016·
Profit Before Tax improved magically to N1.73 billion compared to N1.72 billion in Q1 2016, while Profit After Tax increased by 24 per cent at N1.49 billion in Q1 2017 compared to Profit After Tax N1.21 billion in Q1 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,” he said.
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