Transnational Corporation of Nigeria Plc (Transcorp) Plc recorded considerable improvements in its performance in the first quarter of 2017 as turnover rose by 20 per cent to N15.77 billion.
Key extracts of the interim report and accounts of Transcorp for the three-month period ended March 31, 2017 showed that group’s total revenue increased to N15.8 billion in first quarter 2017 compared with N13.19 billion recorded in comparable period of 2016.
Gross profit rose by 17 per cent to N6.94 billion in 2017 as against N5.91 billion in 2016.
Operating profit also grew by 30 per cent to N4.23 billion compared with N3.25 billion.
Profit before tax increased marginally from N1.72 billion to N1.73 billion. After taxes, net profit stood at N1.49 billion in first quarter of the year as against N1.21 billion in first quarter 2016, representing an increase of 24 per cent.
Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) PLC, Mr. Emmanuel Nnorom said Transcorp’s resilient performance was drawn from the diversity of its various business offerings.
He noted that while the closure of the Abuja Airport negatively affected occupancy for the group’s hotel business, the overall performance was buoyed growth in its power business following improvements in gas supply.
“We expect to recover the lost ground brought on by the Abuja airport closure in second quarter 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,” Nnorom said.
Transcorp, owned by more than 300,000 shareholders, has a vast business portfolio that comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors.
The group’s notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Limited, owner of 972 megawatts power plant, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited.