Transnational Corporation PLC, also known as Transcorp said it recorded a net loss of NGN13.8 billion loss for the nine months ended 30 September 2016.
This is a huge loss considering the fact that the group recorded a net profit of NGN5 billion last year within the same period.
Gross revenue increased to NGN41,9 billion compared to NGN30,4 billion. However, the company’s cost of sales was the major hole in its books. The inflation and biting recession dug a huge hole of NGN22,0 billion compared to NGN12,2 billion recorded as cost of sales for last year.
Transcorp is heavily leveraged and loan servicing was a major drain on its revenue. Finance cost rose to NGN25,1 billion compared to NGN4,7 billion for last year.
At the end of the period, total asset rose to NGN220 billion versus NGN202 billion last year. Total liabilities increased to NGN146 billion versus NGN115 billion last year.
It would be recalled that Transcorp has sold some bonds to finance some of its projects across its hotels in Abuja and other parts of Nigeria.
Transcorp is perhaps the most diversified group in Nigeria quoted on the NSE with interest spanning across hospitality, oil and gas, transportation and Energy.
Transnational Corporation of Nigeria Plc, (“the Company” or “Transcorp”), was incorporated on 16 November, 2004 as a private limited liability Company domiciled in Nigeria in accordance with the requirements of the Companies and Allied Matters Act. Following a successful initial public offer (IPO), the Company was in December 2006, listed on the Nigerian Stock Exchange.
The shares of the Company have continued to be traded on the floor of the Exchange. The Company is domiciled in Nigeria and the address of its registered office is 38 Glover Road, Ikoyi, Lagos, Nigeria. The Company maintains controlling interests in the following companies.
The Company, together with the subsidiaries are known as the Transcorp Group, (“the Group”)
– Capital Leisure and Hospitality Limited
– Transcorp Hotels Plc
– Transcorp Hotels Calabar Limited
– Transcorp Energy Limited
– Teragro Commodities Limited
– Transcorp Power Limited (Transcorp Ughelli Power Limited)
– Transcorp Staff Share Ownership Trust Company Limited
– Transcorp Properties Limited
– Transcorp OPL 281 Limited – Transcorp Telecomms Ltd
– Transcorp Trading and Logistic Ltd
– Transcorp Refining Company Limited
– Transcorp Hotels Ikoyi Limited
– Transcorp Hotels Port Harcourt Limited The Company