Transnational Corporation of Nigeria Plc (Transcorp); a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors released its financial results for its first quarter ended 31 March 2015.
The Group which had IPO challenges at the Nigerian Stock Exchange late last year declared a Group Profit After Tax (“PAT”) for the period under review of N2.19 billion while the PAT for the company increased from a loss position of N626.75 billion in 2013 to N687.74 billion.
The Group posted a Profit Before Tax (“PBT”) of N2.57bn for the period while the company made a profit before tax of N761.35 million compared to the Loss before Tax of N573.95 million in 2013.
Revenue for the Group stood at N9.92 billion which represents a slight drop of 5% from Q1 2014 results of N10.54 billion. The company’s revenue increased by 39% to N736 million from N528 million recorded in the corresponding period of 2014.
Total assets for the Group grew by 3% from N170.76billion for full year 2014 to N176.32billion for the first quarter ended 31 March 2015. The company’s total assets also grew by 3% from N54.24billion for full year 2014 to N55.92bilion for the first quarter ended 31 March 2015.
Commenting on the results, the President and Chief Executive Officer, Transcorp, Emmanuel Nnorom said “Transcorp performed relatively well in this first quarter despite headwinds faced by our power business. Acute gas shortages have limited our production capacity while margins are depressed by delayed implementation of MYTO 2.1 tariffs despite increased gas prices,” he said.
He continued: “The commencement of operations by the bulk trader and improvement of the security of gas pipelines will drive recovery in Q2 2015. In addition, our hotel business is expected to benefit from improving security and political outlooks in the second quarter to provide an enabling platform to achieve its occupancy targets.”