Transnational Corporation of Nigeria Plc (Transcorp) has recorded a profit before tax of N7.2 billion in its 2015 third-quarter (Q3) financial results.
Gross earnings of the company increased by N1.15 billion, a 102 per cent year-on-year growth, compared to the N1.12 billion it posted in 2014.
The total asset of the group was N182.98 billion, a seven per cent increase from N170.76 billion in corresponding year, while the company’s total assets remained steady at N54.06 billion, compared to N54.24 billion for full year 2014.
Commenting on the result, Emmanuel Nnorom, the President/CEO of Transcorp Plc, said the performance over the past nine months reflected the stability that had been injected into the group’s corporate strategy since 2011, particularly in light of the challenging business environment.
“Power remains a key part of our business contributing 65 per cent of revenue. The diversification of our business lines provided stability and reflects the payoff of our investments in world-class human capital.
We expect significant improvement in the power sector in the coming weeks, as this accounts for a significant part of our turnover,” he said.
Also speaking on Transcorp’s financial performance and position, the Group CFO, Ibikunle Oriola, noted that the group had maintained steady top line numbers in its power and hospitality business, as its agribusiness continued on a strong growth trajectory.
“Revenue declined slightly nine per cent for the hotel business as average daily rate grew to offset the impact of slightly declining occupancy rates caused by lower visitors’ traffic in Abuja. We’re expecting a stronger finish in Q4 2015 due to a number of announced events and expected uptick in government activity, he said.
Agribusiness contribution to the group increased by 1220.5 per cent, with revenue growth of 1179 per cent, which, according to the company, was driven by orders received for sale of orange juice concentrate.