Transcorp Hilton Hotel Abuja
Transnational Corporation of Nigeria Plc (Transcorp) last week announced a profit of N9.7 billion for the third quarter ended September 30,2014, indicating that the once-troubled corporation has finally turned the bend.
Shareholders of Transcorp got a dividend of N1.9 billion for the 2013 financial year for first time in seven years.
Transcorp’s pretax profit of N9.7 billion, marks 89 per cent rise from N5.15 billion in the corresponding period of 2013.
Total revenue came in at N31.4 billion, compared to N11.8billion posted in 2013. Total expenses rose by 41 per cent from N6.6 billion to N9.3 billion.
Profit before tax grew from N5.15 billion to N9.7 billion, while profit after tax improved by from N3.5billion to N8.263 billion. Total assets stood at N157 billion compared with N149.454 billion as at December as at December 31, 2103.
The Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom, attributed the company’s performance to commitment.
According to Nnorom, “Our third quarter 2014 results underscore our determination to achieve our full year 2014 targets. Our commitment to excellence is evident in the significant achievements we have recorded this year in our power and hospitality businesses.
“We have significantly increased the generating capacity of our Ughelli Power Plant from 160MW to 476 MW in nine months which has substantially added to our energy and capacity charge revenues.
“Our flagship hotel, Transcorp Hilton Abuja continues to outperform the Abuja hospitality market. Our just-concluded Transcorp Hotels Plc IPO positions us to embark on an aggressive expansion agenda starting with the development of two five-star hotels in Lagos and Port Harcourt.”
He expressed the confident that the strategic activities in all their business focus areas would deliver strong growth and sustainable value in the years ahead.
The Chairman of the Transcorp, Mr. Tony Elumelu, had projected a vastly improved performance for this year during the last annual general meeting.
He had told shareholders that the conglomerate used the 2013 business year to solidify its transformation and that it would build on the very strong financial and operating results in the year.
