Transnational Corporation of Nigeria has reported revenue of N56.756 billion at the end of third quarter financial year ended September 30, 2017. The company result submitted at the Nigerian Stock Exchange on Friday showed that the revenue grew by N14.84 billion or 35.39 per cent compared with N41.921 billion recorded in the preceding period.
The gross profit improved to N25.622 billion from N19.839 billion while operating profit surged from N11.583 billion in the comparative period to N16.810 billion in September this year.
Finance income which was at N786.283 million down to N577.692 million. The company posted profit before tax of N9.042 billion against loss of N12.782 billion reported in the preceding year. The profit for the year stood at N8.185 billion compared to loss of N14.208 billion made in the same period 2016.
The result showed that the group’s Transcorp Power (Ughelli Power Generation Company) remained the major source of income, contributing N46.968 billion, as against N30.434 billion in the corresponding period of 2016; followed by N9.787 billion from the hospitality business segment, a drop from N11.47 billion. Teragro, the agro-allied segment surprisingly did not record any revenue for the period, compared to N15.791million in 2016.
Cost of sales climbed from N22.081 billion to N31.134 billiion.
Administrative expenses rose to N9.395 billion from N8.966 billion; other income rose from N364.062 million to N582.737 million other gains- net fell to N0.505 million from N347 milion; bringing operating profit to N16.81billionn, up from N11.583bn.
Meanwhile, the company announced winding up proceedings ongoing in its subsidiaries such as Transcorp Refining Company Limited, Transcorp Telecomms Limited, Transcorp Trading and Logistics Limited. “The subsidiaries to be wound up have no assets, liabilities, income or expenses as these subsidiaries were incorporated but no further activities were performed. Hence, there are no assets held for sale and no income or expenses from discontinued operations,” Transcorp Plc explained further.
