Transcorp Posts Profit Of N9.75Bn for Half Year

 
Transnational Corporation of Nigeria Plc  (Transcorp) continued on a strong growth trajectory for FY 2014 as it announced Group Profit Before Tax (PBT) of N8.02bn for six months ended June 30, 2014, a 122% increase on the figure for corresponding period in 2013.

Highlights of the half year 2014 results include: gross revenue for the Group stood at N21.21 billion which represents 177% growth from half year 2013 results of N7.67 billion; and group operating profit for half year 2014 was N9.75bn an increase of 145% from corresponding period in 2013.

Group PBT for the period of N8.02 billion represents 122% increase on PBT of N3.61 billion achieved for Q1 2013 while total assets for the Group grew by 6% from N149.64 billion for full year 2013 to N158.18 billion for six months ended 30 June 2014.

Commenting on the results,  Mr. Obinna Ufudo, president and chief executive officer, Transcorp said “Our half year results for 2014 consolidates the significant growth achieved in first quarter 2014 and firmly sets us on course for the attainment of FY 2014 financial targets. We are very pleased with the continued growth in capacity and output at our Ughelli Power plant. The plant’s available capacity and output peaked at 453 MW during the period, up from the 160MW when we took over on November 1, 2013. We are on course to reach our target available capacity of 715MW by end of the year. In addition, our flagship hotel, Transcorp Hilton Abuja achieved strong revenue growth through increased traffic from its successful hosting of the World Economic Forum for Africa event in May 2014”.

He added, “Overall, we remain focused on achieving our medium term objectives to develop new hotels, expand our available power generation capacity, diversify and increase scale of our agribusiness and exploit opportunities within the oil and gas industry. We expect steeper growth rate for the rest of the year as our turnaround strategies take firmer root”.