Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s foremost investment conglomerate has announced financial results for its third quarter ended September 30, 2017.
The Group Profit after Tax (PAT) for Q3 2017 improved by 158 per cent year on year-on-year (YoY) to ₦8.2 billion.
The conglomerates income statement revealed a Q3 2017 revenue of ₦56.76 billion, significant growth from ₦41.92 billion. A 35 per cent growth YoY.
The company’s gross profit improved from ₦19.84 billion in Q3 2016 to ₦25.62 billion .
In Q3 2017 along with an Operating Profit of ₦16.81 billion compared to ₦11.58 billion reported in Q3 2016.
Transcorp’s net finance cost for Q3 2017 stood at ₦7.77 billion, down from ₦24.37 billion in Q3 2016 while Profit Before Tax was an impressive ₦9.04 billion. A significant recovery from reported loss of ₦12.7 billion in Q3 2016.
Q3 2017 profit after tax of ₦8.19 billion, a 158 per cent YoY growth from loss of ₦14.21 billion in Q3 2016 and total comprehensive income of ₦10.1 billion compared to loss of (13.81bn) in Q3 2016 has the conglomerate moving in the right direction for the second consecutive quarter.
Company Total Assets also grew to ₦287 billion, up from ₦232 billion as at 31 December 2016 while Shareholders Fund grew to ₦97 billion up from ₦86 billion as at December 2016.
Commenting on the result, the President and Chief Executive Officer, Transcorp Plc Mr. Adim Jibunoh said our Q3 2017 performance highlights a significant improvement from FY 2016. This result was achieved largely through improved and sustained production capacity in the power business as a result of improvements in gas supply amongst other initiatives and the positive outlook in our hospitality business.
Our power plant has consistently ranked as the number one power producer in the country for Q3 2017 and we are on track for a stronger performance in Q4 2017, as we progress plans to increase our available capacity.
In addition, improvements in general economic activity in Abuja (on the back of implementation of FY 2017 budget) and return to operations of newly upgraded room stocks will boost occupancy and top line performance for Transcorp Hotels in Q4 2017.