Transcorp Plc Grows Profit by 161% in H1 2018, As Power Generation Improves

Proshare

Tuesday  July 31, 2018/ 6.00PM/ Proshare Content

On Tuesday, July 31, 2018, Transcorp Plc held its Analyst and Media parley led by the President and Group CEO, Mr. Adim Jibunoh alongside other executive team including Mr. Valentine  Ozigbo, MD/CEO, Transcorp Hotels Plc, Mrs. Owen Omogiafo ED, Corporate Services, Mr. Christopher Ezeafulukwe, ED, Business Development & Legal Services and Mr. Mutiu Bakare the Chief Finance Officer.

In an overview of the company’s journey so far, Mr. Jibunoh stated that Transcorp plc has successfully gone through its first and second phase from 2001 – 2012 and expanded its group to cover Power, Oil and Gas. According to him, improving lives and transforming Nigeria has been its major drive as an enterprise delivering excellence in service and products offered. He also gave an insight into its strategy for the year and beyond stating that Transcorp has about 300,000 shareholders of which having an eligible customer initiative and NBET initiative has earned the firm this level of stakeholder engagement.

He further stated that Transcorp OPL 281 reserve is estimated at 189.73 standard cubic, with a gas reserve of about 377.48standard cubit, while expected production is to commence in 2019/2020. Transcorp Power plant for the past few months has sustained its self as being one of the number one German gas power plant. It has also contributed about 15% - 17% of power in the country. One of the things that has sustained the business has been stabilizing forex and improved gas supply.

Giving an insight into the unaudited results for the period ended June 30, 2018, Transcorp Plc has grown profit by 161% in H1 2018 buoyed by increase in Revenue, Finance Income and Other income. Gross profit increased by 65% year on year, largely bolstered by continued growth specifically in revenue derived from rooms, energy sent out, capacity change and shop rentals.

Highlights of the results were as follows:

·       Revenue: N54.09 Billion, compared to 34.17billion in Half Year 2017 (58% YoY growth)

·       Gross Profit: N24.57billion, compared to N14.87 billion in HY (65% YOY)

·       Operating Profit of N17.35billion compared to 9.52billion in HY 2017 (82% Yoy growth).

·       Profit before tax: N11.94billion, compared to N4.53billion in HY 2017 (164% YoY growth)

·       Profit after tax: N10.87billion, an impressive 161% YoY growth compared to N4.16 billion in HY 2017.

·      Earnings per share: 11kobo.

 

Commenting on the financial result, Mr. Adim Jibunoh attributed this performance to increase in power generation resulting from improved gas supply and increased generation capacity. He also stated that the hospitability business remained resilient as it continued to maintain market leadership with occupancy levels that are way ahead of competition, adding that it has made the decision to exit and is in the process of exiting from its juice business - Terragro.

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