This Earnings Press Release should be read in conjunction with the full First Quarter ended March 31, 2016 Financial Statements. The Earnings Press Release is also available on our website at http://www.transcorpnigeria.com/investor-relations-2/. This analysis is dated April 29, 2016. Unless otherwise indicated, all amounts are expressed in Nigerian Naira, and have been primarily derived from the Financial Statements, prepared in accordance with the International Financial Reporting Standards (“IFRS”). Additional information relating to the Group is available on the website.
Lagos, Nigeria – April 29, 2016 – Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s foremost investment conglomerate has announced financial results for its first quarter ended March 31, 2016. The Group posted a profit before tax (PBT) of N1.73bn for the period under review.
- Revenue: N13.19bn, significant growth from N9.92bn in Q1 2015 (32%YoY increase);
- Gross Profit: N5.91bn, slightly up from N5.7bn in Q1 2015 (4%YoY increase);
- Operating Profit: N3.25bn from N3.78bn in Q1 2015(14%YoY decline)
- Net Finance Income: N1.52bn compared to N1.2bn in Q1 2015 (26% YoY increase);
- Tax: N524mn compared to N376mn in Q1 2015 (39% YoY increase);
- Profit Before Tax: N1.73bn compare to N2.57bn in Q1 2015;
- Profit After Tax: N1.21bn compared to N2.19bn in Q1 2015.
- Total Assets: N209.2bn, compared to N202.9bn as at Q1 2015.
- Shareholders Fund: N88.6bn up from N87.5bn in December 31, 2015.
Commenting on the result, Emmanuel Nnorom, President/CEO said: Our hospitality business had a very strong first quarter, reporting 41% increase in PBT compared to the corresponding period. However, a number of issues affecting our power business still persist in Q1. The increase in electricity tariffs contributed to the growth in revenue for our business. However, margins were hampered by reduced production following the inadequate gas supply. We look forward to a strong Q2 as we expect our hotel business to continue on current growth trajectory, while the resolution of the gas supply issue will result in high output in Q2 2016. Medium term, we are working on sustainable supply sources to cushion the effect of the disruption in gas supply. We remain optimistic that our operating platforms will deliver stronger numbers in Q2 2016 as we proactively manage existing headwinds.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited.
For more information about Transcorp, please visit www.transcorpnigeria.com