Nigeria’s leading and diversified investment conglomerate, Transnational Corporation of Nigeria Plc (“Transcorp”) has announced its Unaudited Financial Statements for the period ended June 30, 2018. The Group showed significant growth over same period last year recording a turnover of N54.09billion, Profit Before Tax of N11.94billion and Earnings Per Share of 11.60 Kobo.
Sustaining the strong performance in Q1 2018, Transcorp delivered an impressive 58% year-on-year growth in revenue at the close of the first half of 2018, moving from N34.17billion in HY 2017 to N54.09billion in HY 2018. Gross profit grew by 65% from N14.87billion to N24.57billion; Profit before tax for HY 2018 was N11.94billion against N4.53 billion in HY 2017, representing a 164% year-on-year growth. The Group ended with an impressive Profit after tax of N10.88billion, representing being 161% year-on-year growth over N4.16billion in HY 2017.
Commenting on the financial results, Mr. Adim Jibunoh, the President/CEO of Transnational Corporation of Nigeria said “The results show the strength of our business model and our ability to effectively leverage the economic environment to deliver significant value to our stakeholders. At Transcorp, we continuously strive to achieve our long-term targets in each of the sectors we operate in.” He further emphasized that the strong performance is attributable to the increase in power generation resulting from improved gas supply and increased generation capacity of Transcorp’s subsidiary, Transcorp Power Plc. Also, Transcorp’s hospitality business maintained its market leadership with occupancy levels that are way ahead of the competition. Service excellence is also a core focus of the Group, with continuous improvement in delighting its customers. The upgrading of Transcorp Hilton Abuja, which is at completion stage, (ongoing upgrade of the Transcorp Hilton Abuja) is part of this service ethos of the Group.
Mr. Jibunoh expressed confidence in the Group’s business strategy, strong culture of efficiency and overall corporate governance to sustain the HY 2018 performance and close the year on a very strong position.
About Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of about 300,000 investors. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Plc, Teragro Commodities Limited and Transcorp Energy Limited.
More information can be found at: https://tgroup.opsofts.com/
Media Enquiries: Email mutiu.bakare@transcorpnigeria.com