Transnational Corporation of Nigeria Plc on Tuesday announced its financial results for the third quarter ended 30 September 2019.
Highlights of the result show the Group recorded a Gross revenue of N58.28 billion and posted a Profit Before Tax (PBT) of N7.36 billion for the period under review. Total Assets increased from N297.14 billion as of fiscal year 2018 to N313.07 billion representing a five per cent year to date growth.
Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 16 per cent in its year-on-year revenue and had a gross profit increase of 19 per cent in comparison with the same period of 2018.
Revenue from its power business, Transcorp Power Limited (TPL), however, declined during the period due to gas and transmission issues.
President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated “Our third quarter result reflects our long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.”