Transcorp plc posts NGN8.1 billion profit in nine months

Dupe Olusola Transcorp

Transcorp plc is reporting NGN8.1 billion profit for the nine months ended in 2017 compared to NGN14.1 billion loss reported same period in the financial year 2016.

The company ended the period with NGN56.7  billion revenue in contrast to NGN41.9 billion recorded in the previous year while gross profit rose to NGN25.6 billion against NGN19.8 billion posted in the year before.

The company’s operating grew to NGN16.8 billion from NGN11.5 billion recorded in the fiscal year 2016 while profit before tax stood at NGN9.0 billion against NGN12.7 billion loss in the year before.

Transcorp Plc said it acquired NGN277.5 billion total assets in the period in review compared to NGN232.1 billion acquired in the year 2016 while total liabilities stood at NGN180.5 billion against NGN145.7 billion in the year 2016.

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.