Transcorp Corporation of Nigeria Plc Grows Pre-Tax Profit to N22.4 Billion
Transnational Corporation of Nigeria Plc., a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors has said its profit before tax grew by 82 per cent to N22.4 billion in 2018 compared to N12.3 billion in the previous year.
The conglomerate, which announced its audited results for the year ended December 31, 2018 on Friday, said its turnover grew by 30 per cent to N104.2 billion. Its profit after tax increased by 94 per cent to N20.6 billion from N10.6 billion in 2017.
The President and Chief Executive Officer, Transcorp, Mr Valentine Ozigbo, said “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.”
Ozigbo, who assumed the position in January this year, said Transcorp would continuously strive to deliver significant value to stakeholders while achieving its long-term goals. According to him, the result was achieved due to the increased revenue from the power and hospitality segments of the group.
He said, “In addition, we were able to cut down on our loss from foreign exchange arising from financing activities by 30 per cent 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 per cent year-on-year.”
Ozigbo said Transcorp Power Limited had continued to explore opportunities created by the eligible customer framework initiated by the Federal Government.
He added “We are at an advanced stage of negotiations with a number of eligible customers, which will translate into transactions in the months ahead.”
He said the group’s hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, “displaying the impact of it recent $100 million upgrade at the Transcorp Hilton Abuja and the immense value placed on the hotel’s best-in-class hospitality services”.
The Chairman, Transcorp, Mr Tony Elumelu, said, “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.”