News Column

Transcorp Posts N9.75 Billion Q2 Profit

July 22, 2014

Bamidele Ogunwusi

Transnational Corporation of Nigeria (Transcorp) continued on a strong growth trajectory 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 show that gross revenue stood at N21.21 billion from N7.67 billion recorded inn the same period of 2013; .which represents 177 percent growth; group operating profit for was N9.75 billion, an increase of 145 percent from corresponding period in 2013.

Group profit before tax grew by 122 percent from N3.61 billion to N8.02 billion; total assets for the group grew by 6 percent from N149.64 billion for full year 2013 to N158.18 billion for six months ended 30 June 2014.

Commenting on the results, the President and Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, 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".

Meanwhile; Profit takers, who returned to the floor of the Nigerian bourse on Thursday last week, continue their hold on trading activities when both indicators closed in the red. Equities capitalisation closed lower at N14.127 trillion after it depreciated by N35.503 billion as against N14.162 trillion it recorded on Friday; while the All-Share Index dropped 107.52 basis points or 0.25 percent to close at 42,784.30 points as against 42,891.82 points recorded at the weekend.

However, stockbrokers crossed a total of 535.076 million shares which valued at N4.374 billion in 5,862 transactions with the financial services sector accounting for a total of 350.068 million shares; valued at N1.407 billion in 2,735 deals.

Seplat Petroleum Development Company led the laggards' table when it depreciated by N26.95; followed by Forte Oil which lost N11.00; Conoil dropped 328 kobo; Unilever shed 286 kobo; while Julius Berger Nigeria went down by 200 kobo; among others.

Petroleum marketer, Mobil Nigeria, led the gainers' table with a gain of N15.83; followed by Total Nigeria which grabbed 600 kobo; PZ Cussons Nigeria notched 101 kobo; Nigerian Breweries added 87 kobo; while Cement Company of Northern Nigeria nicked 78 kobo; among others.

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Source: AllAfrica

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