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HomeAfricaNigeria: Conglomerate records 9.75b Naira profit

Nigeria: Conglomerate records 9.75b Naira profit

One of Nigeria’s leading conglomerates, Transnational Corporation of Nigeria Plc (Transcorp), has announced 9.75 billion Naira as operating profit for the half year ending in June, representing an increase of 145% from corresponding period in 2013 (US$1=N155).

Though the figure, contained in a statement made available to PANA here Wednesday, was silent on the specific operating profit figure for 2013, highlights of the half year report show a strong improvement over the previous year.

Gross Revenue for the Group stood at 21.21 billion Naira, which represents a 177% growth from the half year 2013 results of 7.67 billion naira.

The conglomerate also record Profit Before Tax (PBT) of 8.02 billion Naira, representing 122% increase of 3.61 billion naira recorded in the half quarter of 2013.

Total assets for the Group grew by 6% from 149.64 Billion Naira for full year 2013 to 158.18 billion Naira for six months ending June 2014.

“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,” the Chief Executive Officer of Transcorp, Mr. Obinna Ufudo, was quoted as saying in the statement.

The quoted company has strategic investments in the hospitality business, agribusiness, Oil/Gas and the power sector.

Some of its notable investments in the hospitality business include the prestigious Transcorp Hilton Hotel, Abuja and Transcorp Hotels Calabar in the Niger Delta region.

Transcorp is a publicly-quoted conglomerate with a diversified shareholder base of over 300,000 investors.

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