Transcorp Plc, has announced its first quarter results, revealing a 33percent appreciation in Total revenue from N9.992 billion to N13.2 billion.
The results obtained through the Nigerian Stock Exchange also noted that the company’s total assets increased to N209.2 billion from N202.8 billion in 2015. However, Profit before tax fell to N1.7 billion from N2.6 billion, while Profit for the period dropped to N1.21 billion from N2.2 billion, reducing Basic earnings per share to 89 kobo from N3.28 per share.
Meanwhile Shareholders of Transnational Corporation of Nigeria (Transcorp) Plc at its annual general meeting in Calabar has approved the distribution of a total of 1.936 billion ordinary shares as bonus shares for the 2015 business year.
The shareholders commended the conglomerate for what they described as resilient performance in 2015 in spite of the difficult operating environment. The bonus shares were distributed on the basis of one bonus share for every 20 ordinary shares of 50 kobo each held by each shareholder.
Extracts from the 2015 audited report and accounts showed that turnover stood at N40.75 billion in 2015 as against N41.34 billion in 2014. Gross profit dropped from N27.63 billion to N24.33 billion. Profit before tax declined from N7.73 billion to N3.32 billion while profit after tax slumped to N1.44 billion in 2015 as against N3.30 billion in 2014.
Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the company remained steadfast in her efforts to consolidate on the significant achievements recorded to date and will continue to explore opportunities that will lead to the creation of significant value for all stakeholders in the coming years.
In his remarks, president, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom, said the company made good progress on delivering on its strategy in 2015 as the group continued to improve operational and cost effectiveness as well as explore opportunities to expand its product offering.
“The group continues to benefit from our ongoing investment in all our subsidiaries and new business lines, which enhance Transcorp Plc’s offering and position us for further growth. Our long-term value creation for our shareholders is our target which will come from the diversification plans, which includes the construction of new hotels in Lagos and Port Harcourt, ongoing installation of new turbines at Transcorp Power Plant, all which will result to an increased capacity after completion. The future of our company is very bright, considering the strategic path being undertaken by the board,” Nnorom said.