TransCorp 2016 result records N59.42bn revenue

Transnational Corporation of Nigeria Plc’s 2016 audited financial statement for the period ended December 31ST further showed remarkable growth in key performance as revenue increased remarkably

The result raised investors’ hope of reaping from their investments soon as increased earnings and result oriented earnings diversification keep yielding positive results and erasing weaker indices wherever applicable.

The company’s result for the year ended 31 December 2016 released on Wednesday by the Nigerian Stock Exchange (NSE) showed that revenue for the group grew to N59.42 billion, from N40.75 billion recorded in the 2015, while that of the company dropped to N2.54 billion, from N3.24 billion in the preceding year.

Gross profit for the group grew to N30,.66 billion from N24.33 billion posted in the preceding year 2015, while that for the company dropped to N2.54 billion, against N3.24 billion in the corresponding period 2015.

The result showed that profit before tax (PBT) for the group rose to N5.9 billion from N3.32 billion in 2015, while the company’s PBT closed the period at N439.93 million, from N1.04 billion in 2015.(

Loss for the year was remarkably reduced to N1.1 billion, against N2.03 billion in 2015, that of the company stood at N-849, 09 million, from N559, 67 million in 2015. The company disclosed that the loss has been transferred to general reserve.

Tax of N4.80 billion was paid in 2016 financial year by the TransCcorp group, against N1.29 billion in 2015, while the group paid N409.17 million, also reflecting a boost in tax paid, from N477.48 million in 2015.
Other comprehensive income closed the year at N547.48 million, from N587.55 million in 2015. That of the company in 2016 stood at N547.48 million, from N475.87 million in 2015
Total comprehensive income for the group in 2016 was N579.52 million, from N1.44 billion in 2015, the company’ in 2016 recorded N301.61 million from N83.80 million total comprehensive income posted in 2015.

The group’s total assets as at the close of business in 2016 grew to N232.16 billon, from N202.88 billon posted in 2015. However that of the company was N57.91 billion, from N56.62 billion in the corresponding period of 2015.

Conversely, the group’s total liabilities the same period closed at N145.71 billion, from N115.38 billion in 2015, while that of the company closed the year at N26.97 billion, against N25.40 billion in 2015 financial year.