News by Nwafor Polycarp from Vanguard News Read the complete details here
By Peter Egwuatu
Transnational Corporation of Nigeria Plc (Transcorp), has returned to profitability in its financial results for the third quarter, 2017 (Q3’17), recording N9.04billion Profit Before Tax , as against a loss of N12.7 billion in Q3 2016.
The company’s group Profit After Tax (PAT), in the Q3‘17 showed a 158 per cent Year-on-Year (YoY) growth to N8.2 billion.
Transcorp recorded a Q3‘17 revenue of N56.76 billion, showing a 35 percent growth from N41.92 billion. The company’s Net Finance Cost for Q3‘17 stood at N7.77billion, down from N24.37billion in Q3‘16. The company’s Q3‘17 Profit After Tax of N 8.19billion represents a 158 per cent YoY growth from loss of (N14.21billion) in Q3‘16 and Total Comprehensive Income of N10.1billion compared to loss of (N13.81billion) in Q3‘16 .
Company’s Total Assets also grew to N287 billion, up from N232billion as at 31 December 2016 while Shareholders Fund grew to N97billion up from N86bilion as at December 2016.
Commenting on the result, the President and Chief Executive Officer, Transcorp Plc Mr. Adim Jibunoh stated: “Our Q3 2017 performance highlights a significant improvement from full year 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.”
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