Transnational Corporation of Nigeria (Transcorp) Plc recorded impressive growths in turnover and profitability in the first half with net profit rising by 161 per cent to about N10.9 billion.

Key extracts of the interim report and accounts of Transcorp for the six-month period ended June 30, 2018 showed that turnover rose from N34.17 billion in first half 2017 to N54.09 billion in first half 2018. Profit before tax jumped by 163.6 per cent to N11. 94 billion in first half 2018 as against N4.53 billion recorded in comparable period of 2017. After tax, net profit grew by 161.2 per cent from N4.16 billion in 2017 to N10.88 billion in 2018. Earnings per share also leapt from 3.87 kobo in first half 2017 to 11.60 kobo in first half 2018.

Transcorp Plc Chief Executive Officer, Mr. Adim Jibunoh said the conglomerate’s businesses are in good position to sustain growth going forward. “We are confident of improved fundamentals going forward, as we increase our available generation capacity to above 800 megawatts by year-end taking advantage of improving gas situation.” Jibunoh said. Transcorp Power Limited’s Ughelli Power Plant is a gas-fired thermal plant located in Ughelli, Delta State in the Niger Delta region of Nigeria.

Source: The Nation