Transcorp Posts 187% Increase in Group PBT

Transnational Corporation of Nigeria Plc (“Transcorp”) has announced the results of its first quarter 2014 operations.

Group Profit Before Tax (“PBT”) stood at N3.77bn for the first quarter ended March 31, 2014 which represents 187% increase from corresponding period in 2013.

The results show gross earnings for the Group stood at N11.15bn which represents 152% growth from Q1 2013 results of N4.42bn.

Group PBT for the period of N3.77bn represents 187% increase on PBT of N1.31bn achieved for Q1 2013.

Group Profit After Tax (“PAT”) grew by 278% from N834mn in Q1 2013 to N3.15bn for period under review.

Total assets for the Group grew by 16% from N149.64bn for full year 2013 to N173.61bn for the first quarter ended 31 March 2014.

Obinna Ufudo, president and chief executive officer, Transcorp, said:  “Our first quarter results are in line with our expectations as we continue to deliver on key diversification milestones in all our strategic businesses. A significant portion of our current profits is attributed to improved performance in our power and hospitality businesses recorded from the beginning of the year”.

He added, “For the rest of the year, we expect to consolidate on our strong financial results by improving power output from our Ughelli Power Plant, developing new hotels, diversifying and increasing the scale of our agribusiness and exploiting opportunities within the oil and gas industry’.

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company.

The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors.

Its notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited, Nigeria’s largest power generator and Transcorp Energy Limited, operator of OPL 281.