Transcorp doubles PAT to N20.6bn in 2018

Transnational Corporation of Nigeria Plc (Transcorp) has announced its audited results for the year ended 31st December 2018, with a 94% growth in Profit After Tax (PAT) of 20.6bn in 2018 compared to 10.6bn in the preceding year.

The group recorded an unparalleled improvement within the year as turnover grew by 30% to 104.2bn. Profit Before Tax (PBT) increased to 22.4bn from 12.3bn in 2017, depicting an 82% year-on-year growth.

“We’re proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy,” said Valentine Ozigbo, Transcorp’s President and Chief Executive Officer, who took over at Transcorp in January 2019.

“We will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals,” he said.

He further stressed that “This result was achieved due to the increased revenue from the power and hospitality segments of the group. In addition, we were able to cut down on our loss from Forex arising from financing activities by 30% year-on-year as we experienced a relatively stable exchange rate during the fiscal year-ended 2018, this no doubt impacted our profit before tax as it soared 82% year-on-year.”

Reflecting on the results, the Chairman of Transcorp, Mr. Tony O. Elumelu, CON, stated, “We remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.”