Transcorp posts N20.6 billion full year profit
Transnational Corporation of Nigeria Plc (Transcorp), has announced its audited results for the year ended 31st December 2018, with a 94 per cent growth in Profit After Tax (PAT) of ₦20.6 billion in 2018 compared to ₦10.6 billion achieved in the corresponding period of 2017.
The Group turnover grew by 30 per cent to ₦104.2 billion, while Profit Before Tax (PBT) increased to ₦22.4 billion from ₦12.3 billion in 2017, depicting an 82 per cent year on year growth.
Transcorp attributed the improved performance to increased revenue generated from the power and hospitality segments of the group. In addition, the company’s efforts to cut down on loss from forex arising from financing activities by 30 per cent year-on-year
Transcorp’s President and Chief Executive Officer, Valentine Ozigbo said: “We are proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy.
“We will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals, we experienced a relatively stable exchange rate during the fiscal year-ended 2018, this no doubt impacted our Profit before tax, as it soared 82 per cent year-on-year.”
According to him, Transcorp Power Ltd has continued to explore opportunities created by the eligible customer framework initiated by the Federal Government.
He explained that the firm is at an advanced stage of negotiations with a number of eligible customers, which will translate into transactions in the months ahead.
“Our hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, displaying the impact of our recent US$100m upgrade at the Transcorp Hilton Abuja and the immense value placed on the hotel’s best-in-class hospitality services.”
Reflecting on the results, the Chairman of Transcorp, Tony O. Elumelu, said: “We remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.”