Transnational Corporation of Nigeria Plc has announced an impressive profit before tax of N5.1 billion for the third quarter ended September 30, 2013 which represents 130 per cent of its full year 2012 profit before tax.
According to the result, gross earnings for the group stood at N16.1 billion which represents 102 per cent of full year 2012 results of N15.8 billion.
The total assets for the group grew by 53 per cent from N75.6 billion for full year 2012 to N115.8 billion as at the third quarter ended September 2013.
Commenting on the results, the President and Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, said “our third quarter result continues with a trend of strong financial performance achieved during the year. Overall, our financial results till date reflect the effective execution of several strategic initiatives and the restructuring of our business. We are pleased with the stable and positive growth of our earnings, and are already working out plans to further improve on it.”
He added that “we expect to consolidate on our strong financial results in the near term as we take over operations of the 1000mw Ughelli power plant and commence refurbishment and upgrade of our existing hospitality assets as well as development of new hotels.”
“We are poised to exploit opportunities in the energy sector (power and oil and gas) by seeking new assets to add to our existing portfolio of investments. Overall, we believe that our expanded portfolio of investment will deliver a platform for strong growth and sustainable value in the years ahead.”
Information from Daily Trust was used in this report.