Transcorp grows pre-tax profit to N22.4bn

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Image result for Transcorp grows pre-tax profit to N22.4bnTransnational Corpo-ration of Nigeria Plc has said its profit before tax grew by 82 per cent to N22.4bn in 2018 compared to N12.3bn 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 N104.2bn.

Its profit after tax increased by 94 per cent to N20.6bn from N10.6bn in 2017.

“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 the President and Chief Executive Officer, Transcorp, Mr Valentine Ozigbo, said.

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.

“We are at an advanced stage of negotiations with a number of eligible customers, which will translate into transactions in the months ahead,” he added.

He said the group’s hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, “displaying the impact of it recent $100m 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.”

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