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Transcorp records N80 bn revenue, N10.6 bn profit for 2017


Transcorp records N80 bn revenue, N10.6 bn profit for 2017Transcorp Corporation of Nigeria Plc, Nigeria’s foremost investment conglomerate has announced its financial results for the year ended December 31, 2017 showing improved revenue and return to profitability according to the reports.

The company recorded revenue of N80.28 billion in 2017 up 35 per cent above the N59.42 billion in 2016. Foreign exchange loss dropped from N18.70 billion in 2016 to N4.55 billion while net finance cost declined from N26.64 billion to N13.73 billion in 2017. Consequently, profit before tax was N10.61 billion in 2017 as against a loss after tax of N1.13 billion in 2016.

Commenting on the results, the Chief Executive Officer of Transcorp, Mr. Adim Jibunoh said the profit reported in the year was largely a result of increase in power generation by Transcorp Power Limited due to improved gas supply and increased generation capacity.

According to him available capacity increased from 505MW to 701MW during the year, noting that capacity increase was achieved through a carefully planned maintenance programme for its power generation assets and tactical engagement with stakeholders.


THISDAY

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