Ttransnational Corporation of Nigeria Plc has reported a 158 per cent growth in profit for the third quarter ended September 30, 2017,
In the financial result, its group profit after tax for Q3 2017 improved year-on-year to close at N8.2bn.
The conglomerate’s income statement revealed a Q3 2017 revenue of N56.76bn from N41.92bn, representing a 35 per cent year-on-year growth. The company’s gross profit improved from N19.84bn in Q3 2016 to N25.62bn in Q3 2017 along with an operating profit of N16.81bn compared to N11.58bn reported in Q3 2016.
Its net finance cost for Q3 2017 stood at N7.77bn, down from N24.37bn in Q3 2016 while profit before tax was N9.04bn, which was a significant recovery from reported loss of N12.7bn in Q3 2016.
Transcorp’s Q3 2017 profit after tax of N8.2bn, represented a 158 per cent year-on-year growth from a loss of N14.21bn in Q3 2016, and its total comprehensive income of N10.1bn compared to loss of N13.81bn in Q3 2016, was said to have enhanced the conglomerate’s performance for the second consecutive quarter.
The company’s total assets also grew to N287bn, up from N232bn as at December 31, 2016 while shareholders fund grew to N97bn up from N86bn as at December 2016.
Commenting on the result, the President and Chief Executive Officer, Transcorp, Mr. Adim Jibunoh, said, “Our Q3 2017 performance highlights a significant improvement from full-year 2016.”