The Transnational Corporation of Nigeria (Transcorp) posted group revenue of N80.28 billion during its financial year ended Dec. 31, 2017.
The News Agency of Nigeria (NAN) reports that the revenue increased by 35.11 per cent From the N59.42 billion achieved in 2016.
The company’s results released by the Nigerian Stock Exchange (NSE) showed that the company’s profit after tax increased to N10.61 billion from the loss after tax of N1.13 billion recorded in 2016.
Also, its group profit before tax stood at N12.31 billion in contrast to the loss before tax of N5.93 billion in 2016.
The company’s operating profit, however, grew by 25 per cent to N26.03 billion over the N20.72 billion recorded in 2016.
Its total assets also appreciated to N285.52 billion from N232.16 billion in 2016.
Mr Adim Jibunoh, Transcorp President/ Chief Executive Officer, attributed the performance to capacity increase achieved through carefully planned maintenance programme of power generation assets and tactical engagement with stakeholders.
Jibunoh said that the profit reported in the year was also due to increase in power generation by Transcorp Power resulting from improved gas supply and increased generation capacity.
He said that available capacity increased to 701MW from 505MW in 2016 due to capacity increase.
“Also, our hospitality business remains resilient, posting stronger year-on-year performance. Specifically, we continue to maintain market leadership with occupancy levels that are way ahead of competition.
“In addition, our second Hotel, Transcorp Hotel in Calabar, continues on strong performance achieving profitability for two consecutive years.
We are confident of improved fundamentals going forward as we increase our available generation capacity to above 800MW by year-end taking advantage of improving gas situation.
“We equally expect to benefit from the upside of the new improved infrastructure upon completion of our upgrade project in Transcorp Hilton, Abuja. The upgrade project is currently on track,” he said. (NAN)