TheCitizen - It's all about you
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials
No Result
View All Result
TheCitizen - It's all about you
No Result
View All Result

Transcorp revenue grows by 120%

The Citizen by The Citizen
April 13 2015
in Business, Uncategorized
A A
0
22
SHARES
734
VIEWS
Share on FacebookShare on Twitter

Transnational Corporation of Nigeria Plc has released its audited financial results for the 2014 financial year, declaring a 120 per cent growth in revenue.

The revenue, which rose from N18.8bn in 2013 to N41.3bn, is the highest revenue generated by the group so far.

The group’s power business, the Transcorp Ughelli Power Limited, and the hospitality subsidiary – Transcorp Hotels Plc – contributed significantly to the revenue growth, according to the group.

The results showed that Transcorp’s gross profit jumped by 92 per cent to N27bn from N14.4bn in 2013, while the group’s operating profit for the year under review was N13.6bn, indicating a 33 per cent increase year-on-year.

A 208 per cent increase in net finance cost from N2.5bn to N7.8bn, mainly from foreign exchange losses and debt service on acquisition finance loan for the Ughelli power plant, however, affected its profit.

Consequently, the group’s pre-tax profit fell by 14 per cent to N7.7bn in the year under review from N9bn in 2013, even as its total assets grew by 14 per cent to N170.8bn from N149.6bn.

The President and Chief Executive Officer, Transcorp, Mr. Emmanuel Nnorom, was quoted in a statement by the group as saying, the performance was impressive despite the challenges the group faced within its operating environment.

He said, “We achieved significant growth in our top line and maintained our margins within acceptable limits, despite the delayed implementation of the Transitional Electricity Market, exchange rate movement and reduced occupancy arriving from security challenges and the viral epidemic in West Africa.

“We are particularly impressed with the performance of our power business, which currently is producing a generating capacity of 610MW, up from 160MW at acquisition in November 1, 2013.”

He added that the group’s ability to outperform its capacity targets agreed at privatisation demonstrated its commitment to excellence and its diversification strategy.

“Going forward in 2015, we expect an even better performance across all our business focus areas, including the anticipated implementation of TEM and an increasing stability in the economy and tourist environment,” he said.

According to him, the group’s new hotels development in Lagos and Port Harcourt are progressing well and its agribusiness division has commenced delivery of juice concentrates to international beverage manufacturers in Nigeria.

He added that with the signing of its production sharing contract by the Nigerian National Petroleum Corporation, Transcorp’s oil and gas business was on course for the drilling of its first well this year.

Transnational Corporation of Nigeria is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors.

Share9Tweet6
Previous Post

Dream Team VI qualifies for All Africa Games

Next Post

Dangote Foundation, WEF promote economic growth in Africa

Related Posts

SON unveils certification scheme to boost Nigeria’s export
Business

SON unveils certification scheme to boost Nigeria’s export

October 17 2025
Spotify, Netflix sign deal to stream video podcasts
Business

Spotify, Netflix sign deal to stream video podcasts

October 16 2025
Nigeria’s inflation drops to 16.63%
Business

Inflation drops to 18.02%

October 15 2025
Abia residents protest high electricity tariffs
Business

Abia residents protest high electricity tariffs

October 15 2025
Marketers blame depots as petrol nears N1,000/litre
Business

Marketers blame depots as petrol nears N1,000/litre

October 15 2025
Shell invests in Nigeria offshore gas development
Business

Shell invests in Nigeria offshore gas development

October 14 2025
Next Post

Dangote Foundation, WEF promote economic growth in Africa

CBN spends $4.7bn to defend naira

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FROM THE GRASSROOTS

Olubadan unveils legal committee to tackle land grabbing

Olubadan unveils legal committee to tackle land grabbing

by The Editor
October 15 2025
0

...

Birnin Gwari needs urgent federal intervention – Emir tells Tinubu

Birnin Gwari needs urgent federal intervention – Emir tells Tinubu

by The Editor
October 13 2025
0

...

Rivers court adjourns hearing on LG poll legitimacy

Rivers court adjourns hearing on LG poll legitimacy

by The Editor
September 16 2025
0

...

Osun households get free food items

Osun League of Imams & Alfas urges Tinubu to intervene in LG withheld funds

by The Editor
August 27 2025
0

...

APPOINTMENTS

Tinubu seeks Omidiran, 28 others’ confirmation as FCC members

Tinubu seeks Omidiran, 28 others’ confirmation as FCC members

by The Editor
October 15 2025
0

...

Okpebholo swears in 19 commissioners, warns against corruption

Okpebholo swears in 19 commissioners, warns against corruption

by The Editor
October 15 2025
0

...

Fubara drops Danagogo, appoints Anabraba as Rivers SSG

Fubara drops Danagogo, appoints Anabraba as Rivers SSG

by The Editor
October 13 2025
0

...

Savannah Energy signs agreement with Chadian govt for new renewable energy projects

Savannah Energy announces board changes, appoints two Nigerians as Independent Non-Executive Directors

by The Editor
October 9 2025
0

...

ODDITIES

Lagos to probe school over alleged sodomy

Father impregnates 15-year-old daughter in Ondo

by The Editor
October 17 2025
0

Court orders exhumation, autopsy of Afriland Towers fire victims

Court orders exhumation, autopsy of Afriland Towers fire victims

by The Editor
October 15 2025
0

Slain husband’s dad forgives Maryam Sanda, backs Tinubu’s pardon

Slain husband’s dad forgives Maryam Sanda, backs Tinubu’s pardon

by The Editor
October 14 2025
0

GLOBAL NEWS

Trump, Putin to meet in Budapest over Ukraine war

Trump, Putin to meet in Budapest over Ukraine war

by The Editor
October 17 2025
0

...

2026 Hajj: Saudi govt approves 66,910 slots for Nigeria

2026 Hajj: Saudi govt approves 66,910 slots for Nigeria

by The Editor
October 17 2025
0

...

Trump persuades India to stop buying Russian oil

Trump persuades India to stop buying Russian oil

by The Editor
October 16 2025
0

...

Former Kenyan Prime Minister Raila Odinga dies in India

Former Kenyan Prime Minister Raila Odinga dies in India

by The Editor
October 15 2025
0

...

US revokes visas of six foreigners for celebrating Charlie Kirk’s assassination

US revokes visas of six foreigners for celebrating Charlie Kirk’s assassination

by The Editor
October 15 2025
0

...

State of the States

21.8% North-East residents HIV positive – NBS …as 16,000 die from HIV complications in Borno

Adamawa records 8,850 new HIV infections in four years

by The Editor
October 17 2025
0

...

Zamfara APC condemns state govt’s mass sacking of civil servants

Zamfara APC condemns state govt’s mass sacking of civil servants

by The Editor
October 14 2025
0

...

Gov. Otti set to build modern fire station in Umuahia

Gov. Otti set to build modern fire station in Umuahia

by The Editor
October 7 2025
0

...

Senator denies bill to rename Kaduna to Zazzau State

Kaduna State pays ₦72,000 minimum wage

by The Editor
September 18 2025
0

...

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
End female genital mutilation – Punch

End female genital mutilation – Punch

October 17 2025
WAFCON: Gov. Otu gifts Super Falcons star, Miracle Usani, ₦50m, land

WAFCON: Gov. Otu gifts Super Falcons star, Miracle Usani, ₦50m, land

October 17 2025
Nigeria at critical juncture – Vanguard

Nigeria ranks 115th out of 125 countries on Global Hunger Index

October 17 2025
Trump, Putin to meet in Budapest over Ukraine war

Trump, Putin to meet in Budapest over Ukraine war

October 17 2025

EDITORIAL REVIEW

End female genital mutilation – Punch

End female genital mutilation – Punch

by The Editor
October 17 2025
0

Nnaji: Nigeria’s dodgy vetting processes – Punch

Nnaji: Nigeria’s dodgy vetting processes – Punch

by The Editor
October 16 2025
0

Vacations and governance: Why President Tinubu’s trip matters -Guardian

Tinubu, honour promise to ASUU – Punch

by The Editor
October 15 2025
0

The killings in the South East – Thisday

The killings in the South East – Thisday

by The Editor
October 14 2025
0

IOCs: Implement host communities’ projects – Punch

IOCs: Implement host communities’ projects – Punch

by The Editor
October 13 2025
0

Opinion

Tinubu finds his own demons

Next time, Umahi should go to NTA

by The Editor
October 16 2025
0

...

Objections over presidential pardon for grave offenders

Objections over presidential pardon for grave offenders

by The Editor
October 13 2025
0

...

1975 public service purge: What have we learnt?

1975 public service purge: What have we learnt?

by The Editor
September 30 2025
0

...

Tinubu finds his own demons

Nigeria’s state of weakness

by The Editor
September 18 2025
0

...

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2024 TheCitizen Ng. All Rights Reserved.

No Result
View All Result
  • Home
  • Headlines
  • Latest News
  • Governance
  • Business
  • Financial Crimes
  • Opinion
  • Editorials

© 2024 TheCitizen Ng. All Rights Reserved.