Transcorp reassures stakeholders of achieving 2014 financial projections, as assets hit N158.18bn

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LAGOS – Transnational Corporation of Nigeria (Transcorp) Plc on Monday announced that its profit before tax appreciated by 122 per cent to N8.02 billion in the first six months of the year compared with N3.61 billion recorded in 2013.

The Transcorp earnings was contained in a statement sent to the Nigerian Stock Exchange (NSE) in Lagos.

The holding company’s gross revenue also grew by 177 per cent to N21.21 billion compared with N7.67 billion in the corresponding period of 2013.

The total assets for the period under review grew by six per cent to N158.18 billion as against N149.64bn in 2013.

The President and Chief Executive Officer of Transcorp, Mr Obinna Ufudo, attributed the growth to the company’s consolidation of activities in the first quarter of 2014.

Ufudo said that the company was on course in attaining the 2014 financial year targets.

“We are very pleased with the continued growth in capacity and output at our Ughelli Power plant.

The plant’s available capacity and output peaked at 453 MW during the period, up from the 160MW when we took over on November 1, 2013,” he said.

Ufudo said that the company was on course to reach 715 megawatts capacity target by end of 2014.

In addition, “our flagship hotel, Transcorp Hilton Abuja, achieved strong revenue growth through increased traffic from its successful hosting of the World Economic Forum for Africa in May 2014”.

He said the company’s medium term objectives was to develop new hotels, expand power generation capacity, diversify and increase scale of its agribusiness and exploit opportunities within the oil and gas industry.

“We expect steeper growth rate for the rest of the year as our turnaround strategies take firmer root,” Ufudo said. (NAN)