Transcorp records N41.3 billion earnings, N7.7 billion profit
TRANSNATIONAL Corporation of Nigeria Plc (Transcorp) has posted revenue of N41.3 billion and profit before tax (PAT) of N7.7billlion for the 2014 financial year.
Specifically, the company’s audited result showed revenue of N41.3billion, higher than N18.8 billion achieved in 2013.
Profit before tax however, declined by 14 per cent to N7.7 billion from N9 billion, while the Group’s net finance cost for the year grew from N2.5 billion in 2013 to N7.8 billion in 2014, representing 208 per cent increase.
Total Assets for the Group also grew by 14per cent, from N149.6 billion in 2013 to N170.8 billion.
The President/Chief Executive Officer, Emmanuel Nnorom, said: “We are delighted to record an impressive performance, despite the challenges we experienced within our operating environment.
“We achieved significant growth in our top line and maintained our margins within acceptable limits, despite the delayed implementation of the Transitional Electricity Market (TEM), exchange rate movement and reduced occupancy arriving from security challenges and the viral epidemic in West Africa.”
He attributed the rise in revenue to strong contributions made by its power business (Transcorp Ughelli Power Limited) and hospitality subsidiary (Transcorp Hotels Plc), while net finance cost was principally from foreign exchange losses and full year of debt service on acquisition finance loan for Transcorp Ughelli Power Limited.
“We are particularly impressed with the performance of our power business, which currently is producing a generating capacity of 610MW, up from 160MW at acquisition in November 1, 2013. Our ability to outperform our capacity targets agreed at privatisation, reiterates our commitment to excellence and our diversification strategy,” he said.
Going forward in 2015, he expressed optimism that the company would achieve better performance across all their business focus areas, including the anticipated implementation of TEM and an increasing stability in the economy and tourist environment.
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