Transcorp records N20.6bn PAT, declares N0.03 final dividend

Temitope Adebayo

Transnational Corporation of Nigeria Plc (Transcorp), has announced its audited results for the year ended December 31st, 2018, with a 94 per cent growth in Profit After Tax (PAT) of N20.6billion in 2018 compared to N10.6billion in the prior year. The Group, also, increased its Profit Before Tax (PBT) to N22.4billion from N12.3billion in 2017, depicting an 82per cent year on year growth, with improvement in its turnover for the year, recording a growth of 30per cent to N104.2billion in 2018 from N80.28 billion reported in the preceding year. The results, which was released to the Nigerian Stock Exchange (NSE) during the weekend showed the cost of sales gaining 27.47 per cent to N55.9 billion in 2018 from N43.86 billion reported in 2017. With an impressive performance, the management declared a final dividend of N0.03 per ordinary share subject to appropriate withholding tax and shareholders’ approval. Transcorp’s President and Chief Executive Officer, Valentine Ozigbo said, “We’re proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy. “We will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals,” he said. “This result was achieved due to the increased revenue from the power and hospitality segments of the group. In addition, we were able to cut down on our loss from Forex arising from financing activities by 30per cent year-on-year as we experienced a relatively stable exchange rate during the fiscal year-ended 2018, this no doubt impacted our Profit before tax as it soared 82per cent year-on-year”, Ozigbo added. Commenting on the results, the Chairman of Transcorp, Mr Tony Elumelu, stated, “We remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.” The Transcorp’s total assets ended the year under review at N297 billion from N285 billion reported in 2017 while total equity moved from N95.7 billion in 2017 to N105.35 billion reported in 2017.