Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

Transcorp Records N6.7bn Profit After Tax In Q3, Maintains Positive Revenue Outlook

byAngela Davies
October 29, 2019
in Business & Brands
Transcorp Records N6.7bn Profit After Tax In Q3, Maintains Positive Revenue Outlook
Share on FacebookShare on TwitterShare on Whatsapp

Transnational Corporation of Nigeria Plc (“Transcorp”) today announced its financial results for the third quarter ended 30 September 2019.

Highlights of the result show the Group recorded a Gross revenue of N58.28bn and posted a Profit Before Tax (PBT) of N7.36bn for the period under review. Total Assets increased from N297.14bn as of FY 2018 to N313.07bn representing a  5% YTD growth.

Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 16% in its year-on-year revenue and had a gross profit increase of 19% in comparison with the same period of 2018. Revenue from its power business, Transcorp Power Limited (TPL), however, declined during the period due to gas and transmission issues.

Commenting on the result, the President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated “Our Q3 result reflects our long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.”

“On our part, we have taken several actions aimed at proactively and sustainably addressing these issues. These include the recent activation of our Gas Supply and Aggregation Agreement, guaranteeing gas supply to our power plant in Ughelli; leveraging the Eligible Customer regime initiated by the Federal Government, which gives value to our stranded capacities; consummating the acquisition of Afam Power Plc and Afam Fast Power Limited, thereby raising our total generation capacity from 972MW to 1938MW; expansion into alternative power generation and mini-grid opportunities, among other things” he further explained.

Concluding his statement, Ozigbo pointed out that “the actualization of these steps, as well as improvement in market payment for electricity generation, will facilitate our projected revenue expansion in Q4 and the coming years. This is in addition to even more significant contributions from our hospitality business, which is expected to benefit from the introduction of new service offerings. The recent discharge of the hotel from the Bureau of Public Enterprise (BPE) post-privatization monitoring, further speaks to its operational excellence and top-line corporate governance.”

About Transcorp

READ ALSO  Transcorp Delivers Across Portfolio, Significantly Increases Electricity Generating Capacity to 2000mw; Launches Transformative Hospitality Products, Advances Integrated Energy Strategy

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of about 300,000. Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. Our notable businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, and Transcorp Energy

READ ALSO

Polaris Bank, Lagos State Employment Trust Fund Launch N1b Fund To Empower Artisans In Lagos

CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services

Related

Related Posts

Artisans
Business & Brands

Polaris Bank, Lagos State Employment Trust Fund Launch N1b Fund To Empower Artisans In Lagos

May 20, 2022
Open Banking In Nigeria
Business & Brands

CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services

May 19, 2022
Applications Open For Second Cohort Of Google For Startups Black Founders Fund For Africa
Business & Brands

Applications Open For Second Cohort Of Google For Startups Black Founders Fund For Africa

May 18, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 18 May 2022

May 18, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 17 May 2022

May 17, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 14 May 2022

May 14, 2022
Next Post
Retired Army Officer

Retired Army Officer Cured Of 10 Years Spinal Cord Injury Courtesy Bishop Sam Zuga Free Medical Treatment

Lace Styles
Buhari Appoints Chief Economic Adviser

Buhari Appoints Tutuwa As Director-General Of Industrial Research

May 20, 2022
BREAKING: Protest In Abuja Over Council Chairmen Tenure Extension

BREAKING: Protest In Abuja Over Council Chairmen Tenure Extension

May 20, 2022
Prostitution

Man Traffics Wife For Prostitution, Sells Son For N600,000

May 20, 2022
Artisans

Polaris Bank, Lagos State Employment Trust Fund Launch N1b Fund To Empower Artisans In Lagos

May 20, 2022
BBNaija Season Six Reunion

BBNaija Season Six Reunion Set To Air In June

May 19, 2022
Crusade In Abia

IPOB Warns Kumuyi To Cancel Planned Crusade In Abia

May 19, 2022
CITN

CITN 24th Annual Tax Conference: Vice President Yemi Osinbajo Drums Support For FIRS Digitisation Agenda

May 19, 2022
Rihanna And A$AP Rocky

Rihanna And A$AP Rocky Welcome Baby Boy

May 19, 2022
Drowned

How Five-Year-Old Pupil Drowned During Swimming Lesson In Lagos

May 19, 2022
Open Banking In Nigeria

CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services

May 19, 2022

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship

© 2022 Glamtush