Transcorp posts N80.3 billion revenue, N12 billion profit

For the full year ended December 31, 2017, Transnational Corporation of Nigeria Plc (Transcorp) has achieved Group revenue of N80.28 billion, against N59.42 billion recorded in the corresponding period in 2016.

Specifically, the firm’s audited result for the 2017 financial year showed a 35 per cent increase in revenue to N80.28 billion from N59.42 billion in 2016.

Similarly, the Group’s Profit Before Tax (PBT) was N12.31 billion compared to loss before tax of N5.93 billion in 2016.The firm attributed the improved performance to capacity increase achieved through carefully planned maintenance programme for the power generation assets and tactical engagement with stakeholders.

The firm’s operating profit stood at N26.03 billion, representing 25 per cent rise when compared to N20.72 billion in 2016, while profit after tax rose to N10.61 billion, compared to loss after tax of N1.13 billion in the previous year while total assets grew from N232.16 billion to N285.52 billion during the period under review.

The President/CEO of the firm, Adim Jibunoh, explained that the profit reported in the year was largely a result of increase in power generation by Transcorp Power Limited resulting from improved gas supply and increased generation capacity. He explained that available capacity increased from 505MW to 701MW during the year, which was attributable to capacity increase, achieved through carefully planned maintenance program for our power generation assets and tactical engagement with stakeholders.

“Also, our hospitality business remains resilient, posting stronger year-on-year performance. Specifically, we continue to maintain market leadership with occupancy levels that are way ahead of competition.

“In addition, our second hotel, Transcorp Hotel Calabar, continues on strong performance, achieving profitability for two consecutive years. We are confident of improved fundamentals going forward, as we increase our available generation capacity.to above 800MW by year-end taking advantage of improving gas situation.

“We equally expect to benefit from the upside of the new improved infrastructure upon completion of our upgrade project in Transcorp Hilton Abuja. The upgrade project is currently on track,” he said.