TransCorp Q2 records PAT growth of N4.16bn reverses loss position

TRANSCORP Nigeria Plc has demonstrated commitment of the board and management to return value to shareholders’ funds with return to profitability, following loss position recorded in the prior quarter.

The company’s second quarter 2017 periodic result for the period ended June 30th, released by the Nigerian Stock Exchange (NSE) Monday showed that revenue grew by 58.9 per cent year on year

Revenue half year 2017 closed at N34, 173.88b from N24, 779.5b posted in 2016 second quarter reflecting growth by 37.91 per cent q/q.

Profit before taxation stood at N4, 532,356b from a loss position of N11, 209,761 in the preceding year’s H2.

According to the result, Transcorp’s in Q2 posted profit after tax of N2.7b, against a loss after tax of –N13.4b recorded in the same quarter of 2016.

Cost of sales for the company grew to N19, 300.0, in the first half of 2016, from N13, 321.6b recorded in H2 2016, indicating 44.88 per cent rise.

Gross profit for the company rose to N14, 873.8, against gross profit N11, 457.8iin the same period of prior year, reflecting 29.81 per cent growth.

Administration expenses recorded by the company in the second quarter stood at N5, 663.9, from N5, 268.20 in the prior period, showing 7.51 per cent rise.

Other income increased to N305.97m, from N240.79m recorded in the same period of 2016, showing growth by 27.07 per cent.

According to the result, Q2 profit before taxation closed the second quarter period at N4, 532.26b, while Profit after tax stood at N4, 163.83b

The result showed that Transcorp’s Plc Total assets grew to N264, 301 from N209, 720 in the preceding period of 2016, reflecting change by 26.03 per cent.

Total liabilities grew to N171.639m from N133, 714m reflecting increase by 28.36 per cent.
Shareholders’ fund during the period rose to NN92, 661.6 from N76, 006.4, indicating rise in shareholders’ funds by 21.91 per cent.

PBT margin rose to 13.26 per cent from -45.24 per cent, reflecting growth by 58.50 per cent
PAT margin rose by 61.38 per cent to 12.18 per cent from -49.20 per cent in the preceding period of 2016.

Return On Assets (ROA) rose by 7.39 per cent to 1.58 per cent, from -5.81 per cent in Q2 2016, while Return On Equity (ROE) increased by 20.53 per cent to 4.49 per cent, from -16.04 per cent in Q2 2016.