Transnational Corporation of Nigeria Plc (Transcorp) has announced its audited results for the year ended December 31, 2018, with a 94% growth in Profit After Tax (PAT) of ₦20.6bn in 2018 compared to ₦10.6bn in the prior 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.”
Mr. Ozigbo added “Transcorp Power Ltd has 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. Our hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, displaying the impact of our recent US$100m upgrade at the Transcorp Hilton Abuja and the immense value placed on the hotel’s best-in-class hospitality services.”
Reflecting on the results, the chairman of Transcorp, Tony Elumelu, 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.”
