July 18 2012/ Transcorp Nigeria Plc

Transnational Corporation of Nigeria Plc (Transcorp) announces its unaudited financial results for the half year ended June 30, 2012.

Highlights:
•Total revenue for the six-month period ended June 30, 2012 amounted to N1.8billion, up by N507million (or 41%) from 1.2billion recorded for the same period in Year 2011.

•Administrative expenses of N488million have been well moderated and within the budget.

•Net profits for the half year totaled N1.1billion, an increase of 54% over the N684million recorded in prior year.

•Profit after tax amounted to N940million, representing a significant increase of 72% over prior year figure of N547million.

Transcorp’s President and Chief Executive Officer, Mr. Obinna Ufudo commented “We are quite pleased with our half year results which have surpassed the performance of Year 2011 by N162million. We are certain that Transcorp is on the right path and will realize the performance targets set at the beginning of the year”.

He added “Our half year results confirm that Transcorp is on sound footing. We are confident that the steps taken so far in each of our business areas will further accelerate our growth.We have an enviable pipeline of deals, opportunities and projects, and are well positioned to take advantage of them and ensure that Transcorp delivers even stronger results for the remaining half of this year”.

Related Report: TRANSCORP declares N939.9m PAT in Q2 '12 result,(SP:N1.10k)