Transcorp Group reports N80.3bn revenue in 2017

Transnational Corporation of Nigeria Plc (Transcorp) has announced financial results for its full year ended December 31, 2017.

The Group Revenue was N80.28bn which translates to a 35% revenue growth for the year compared to FY 2016. Group Profit Before Tax was N12.31bn compared to Loss Before Tax of N5.93bn in FY 2016.

The company’s revenue of N80.28bn recorded a significant growth from N59.42bn in FY 2016 (35%YoY increase); Gross Profit: N36.42bn, improved from N30.17bn in FY 2016 (21%YoY increase); Operating Profit: N26.03bn from N20.72bn in FY 2016 (25%YoY increase); Foreign exchange loss: N4.55bn compared to N18.70bn in FY 2016; Net Finance cost: N13.73bn compared to N26.64bn in FY 2016; Tax Expenses: N1.70bn compared to tax credit of N4.80bn in FY 2016; Profit Before Tax: N12.31bn compared to Loss Before Tax of N5.93bn in FY 2016; Profit After Tax: N10.61bn compared to Loss After Tax of N1.13bn in FY 2016.

Commenting on the result, the President/CEO, Adim Jibunoh said the profit reported in the year was largely as a result of increase in power generation by Transcorp Power Ltd resulting from improved gas supply and increased generation capacity. Available capacity increased from 505MW to 701MW during the year. Capacity increase was achieved through carefully planned maintenance program for our power generation assets and tactical engagement with stakeholders.