Transcorp announces pretax of N3.77bn in 3 months

Transnational Corporation of Nigeria Plc (Transcorp) has announced the results of its first quarter 2014 operations.

The Group’s profit before tax stood at N3.77bn for the first quarter ended March 31, 2014 which represents 187 per cent increase from corresponding period in 2013.

The result shows that gross earnings for the Group stood at N11.15bn which represents 152 per cent growth from first quarter of 2013 results of N4.42bn.

The profit after tax grew by 278 per cent from N834m in first quarter 2013 to N3.15bn for period under review.

Total assets grew by 16 per cent from N149.64bn for full year 2013 to N173.61bn for the first quarter ended 31 March 2014.

Commenting on the results, the President and Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, said “Our first quarter results are in line with our expectations as we continue to deliver on key diversification milestones in all our strategic businesses. A significant portion of our current profits is attributed to improved performance in our power and hospitality businesses recorded from the beginning of the year.”

He added, “For the rest of the year, we expect to consolidate on our strong financial results by improving power output from our Ughelli Power Plant, developing new hotels, diversifying and increasing the scale of our agribusiness and exploiting opportunities within the oil and gas industry.”