Transnational Corporation of Nigeria (Transcorp) has stated that its revenue rose by 38 percent in the 2017 half-year to N34.17 billion compared with N24.78 billion in a similar period last year.
The growth in revenue was driven mainly by a 63 percent rise in income from its power subsidiary as gas supplies improved nationwide. Power revenues rose to N27.97 billion in H1’17 as against N17.16 billion in H1’16.
On a quarter-on-quarter basis, Transcorp’s hospitality revenues grew by 22 percent owing to the re-opening of the Nnamdi Azikwe International Airport, Abuja after a six-week closure to repair the runway. Hospitality revenues rose to N3.4 billion in Q2’17 compared with N2.8 billion in Q1’17.
According to the Transcorp, said its after-tax profit rose to N4.16 billion in H1’17 compared with a loss-after tax of N12.19 billion a year earlier. Due to a stable exchange rate within the reporting period, Transcorp’s revenue and profit were in line with analysts’ estimates, according to CardinalStone Partners, a Lagos-based investment advisory firm.
It was founded in 2004, Transcorp owns portfolio companies in the hospitality, power, agro-allied, and the oil and gas sectors. Tony Elumelu, the Chairman of the United Bank of Africa (UBA), owns a 44 percent stake in Transcorp.