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Transcorp posts N9.92b revenue, N2.57b PBT in Q1


CEO Transcorp, Elemelu

CEO Transcorp, Elemelu

TRANSNATIONAL Corporation of Nigeria Plc (Transcorp) has announced a revenue of N9.92 billion and Profit Before Tax (PAT) of N2.57billion for its first quarter ended 31 March 2015.

Specifically, the group posted a revenue of at N9.92 billion which represents 5per cent drop from Q1 2014 results of N10.54 billion, while the company’s revenue increased by 39per cent to    N736 million from N528 million recorded in the corresponding period of 2014.
Group PBT for the period was N2.57 billion while the company made a profit before tax of N761.35 million compared to the Loss before Tax of N573.95 million in 2013.

Profit After Tax (PAT) for the group during the period under review was N2.19 billion while the PAT for the company increased from a loss position of N626.75 billion in 2013 to N687.74 billion.

Total assets for the Group grew by 3per cent from N170.76billion for full year 2014 to N176.32billion for the first quarter ended 31 March 2015.

The company’s total assets also grew by 3per cent from N54.24billion for full year 2014 to N55.92bilion for the first quarter ended 31 March 2015.

The President and Chief Executive Officer, Transcorp, Emmanuel Nnorom explained that the company performed relatively well in first quarter despite ‘headwinds’ faced by the power business.
He explained that acute gas shortages have limited its production capacity while margins are depressed by delayed implementation of MYTO 2.1 tariffs.

He, however expressed optimism that the commencement of operations by the bulk trader and improvement of the security of gas pipelines would drive recovery in Q2 2015.

“In addition, our hotel business is expected to benefit from improving security and political outlooks in the second quarter to provide an enabling platform to achieve its occupancy targets.”




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