Transcorp Reports N290m Profit In Q1

Transnational Corporation of Nigeria (Transcorp) Plc has reported a growth of 24 per cent in its profit after tax for the first quarter ended March 31, 2017. The result raised investors’ hope of reaping from their investments soon as increased earnings and result oriented earnings diversification keep yielding positive results.
The company’s result for the period under review released by the Nigerian Stock Exchange (NSE) showed that the profit after tax grew by 24.09 per cent to N1.496 billion from N1.206 billion in 2016, an increase of N290million.
Also, revenue for the group grew by 19.52 per cent to N15.767 billion, from N13.192 billion recorded in the 2016, while cost of sales rose by 21.22 per cent to N8.828 billion, from N7.282 billion in the preceding year. Administrative expenses for the group appreciated marginally by 0.72 per cent to N2.716 billion from N2.697 billion posted in the preceding year 2016.
Looking at the balance sheet of the Group, cash and cash equivalents grew by 46.41 to N3.457 billion, total asset and total liability grew by 5.48 per cent and 7.28 per cent respectively, while shareholders fund up by 2.44 per cent to N88.558 billion.
The chairman, Transcorp, Mr. Tony Elumelu highlighted the significant progress made by Transcorp group companies, stating that Transcorp was uniquely position to impact the Nigerian economy positively and improve quality of life for all Nigerians.
Speaking on the company’s achievement, Elumelu said the recent commissioning of the 115MW Gas Turbine at Ughelli Power Plant, Nigeria’s largest capacity gas generating plant, as evidence of the progress made by the Group in the power sector, despite regulatory and operating challenges.
He added that other developments include the impending increase of available capacity of the Ughelli Power Plant to 850MW by the end of 2017, the $100 million renovation of the Transcorp Hilton Abuja, also to be completed in 2017 and the conclusion of exploratory drilling of Transcorp’s oil well, before the end of 2017.
While the president/CEO of Transcorp, Mr. Emmanuel Nnorom, said the Board’s mandate was to achieve strong financial results, despite a challenging operating environment. Nnorom said that the considerable investment made 
were already yielding fruit and that the Company had illustrated both prudence and a willingness to invest for the future of all.Transcorp is Nigeria’s leading listed conglomerate, active in the power, resource, hospitality and agro-industry sectors.
Also, the Corporation has named Adim Jibunoh as its new President/Chief Executive Officer. Mr Jibunoh will succeed Emmanuel Nnorom, who has been appointed President of Heirs Holdings, the Lagos based pan-African investment firm. Mr Jibunoh, who is currently Director, Business Development at Heirs Holdings, a strategic investor in Transcorp, will commence his position beginning June 2017.

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