Transnational Corporation of Nigeria (Transcorp) Plc Reports N6.5bn PAT in Q2 2021 Results

Proshare

Monday, August 2, 2021 / 9:58 AM / NGX / Header Image Credit: Transcorp


Transnational Corporation of Nigeria Plc released its Q2 2021 Unaudited results for the period ended June 30th, 2021.


 Key Highlights

  • Revenue grew by 52% to N53bn from N35bn in the previous quarter.

  • Profit before tax grew by 658% to N7bn.

  • Profit after tax grew by 736% to N6.5bn.

  • Net Assets grew by 4.8% from N114bn to N120bn.

  • Share Price Currently Stands at N1:02k


Proshare Nigeria Pvt. Ltd.

Visit Transnational Corporation of Nigeria Plc IR Page in Proshare MARKETS

Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.



Transcorp Plc Half-Year Performance Shows Powerful Growth as Profit Leaps by 713%

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.


The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:

  • Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
  • Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021. 
  • Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021

 

Commenting on the performance, Transcorp's President/Group CEOMrs. Owen Omogiafo, reiterated the Conglomerate's commitment towards producing long-term value and sustainable impact. "We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate inThe revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity", she stated.


Commenting on the hospitality sector, Omogiafo stated that the company's strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company's recovery strategies, citing the recent official launch of Aura, the company's digital hospitality platform, as a testament to that confidence.


On the Group's capacity to sustain its performance, Omogiafo said, "We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria."

 

Proshare Nigeria Pvt. Ltd.


Related News

1.        Dissecting the Financial Results of Companies in Nigeria s Hospitality Sector - ...

2.       ALERT 1.05 of TRANSCORP s Outstanding Shares Traded on NSE Today...

3.       Heir Holdings, Core Investor in TRANSCORP Acquires 45% of OML 17 from Shell, Total and ENI

4.       TRANSCORP Reaches Agreement with Efora Energy Ltd to Settle Legal Disputes on OPL 281

5.       Transcorp Acquires Afam Power

6.       TRANSCORP Declares N1.7bn PAT in Q3 2020 Results, (SP:N0.71k)

7.        ALERT: 37.75% of Total Market Volume Traded on TRANSCORP Shares Today

8.       ALERT: 40.88% of Total Market Volume Traded on TRANSCORP Shares Yesterday

9.       TRANSCORP Declares N778m PAT in Q2 2020 Results, (SP:N0.59k)

10.   TRANSCORP Appoints Mrs Foluke Abdulrazaq As Vice Chairman


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP