Transcorp PLC has finally broken the jinx and challenges confronting its operations as the company has just posted a gross revenue of NGN7.6 billion for the second quarter of the year.
The company’s cost of sales went up a little to NGN1,8 billion compared to NGN1,6 billion recorded last year. Gross profit for the quarter rose by 3.2% to 5,7 billion compared to NGN5,5 billion.
Transcorp’s administrative expenses was almost stagnant when compared to last year’s expenditure. The NGN3,58 billion billion compared to NGN3,56 billion within the same quarter last year.
Net income rose to NGN1,8 billion compared to NGN1,7 billion last year. This is a growth of 7.4%, it is a sign that Transcorp’s murky days are perhaps over.
The company’s going concern has also be strengthened. Total liabilities currently stands at NGN35.5, with a Cash and bank balances of NGN7,7 billion, the company’s net asset stood at NGN89 billion at the end of the quarter.
Transcorp Hotels Plc was incorporated on 12 July 1994 in Nigeria under the Companies and Allied Matters Act as a private limited liability Company, and is domiciled in Nigeria. The Company is engaged in the hospitality industry; particularly the rendering of hotel services.
The company owns and operates Transcorp Hilton Hotel Abuja. The hotel which is situated in Abuja provides luxury accommodation, exotic cuisines, fully equipped meeting rooms and leisure facilities to business travellers and tourists from all over the world. The Company holds 100% equity interest in Transcorp Hotels Calabar Limited and Transcorp Hotels Port Harcourt Limited and also has interests in Transcorp Hotels Ikoyi Limited.
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