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Business > Industry
Transcorp hits N940m profit in six months
By Staff Reporter
July 18, 2012 13:56:32pm GMT      |      Views: 178

WorldStage Newsonline--Transnational Corporation of Nigeria Plc (Transcorp) has announced its unaudited financial results for the half year ended June 30, 2012 with profit after tax amounted to N940 million, representing a significant increase of 72 per cent over prior year figure of N547 million..

Other highlights of the result showed that; Total revenue for the six-month period ended June 30, 2012 amounted to N1.8billion, up by N507million (or 41 per cent) from 1.2billion recorded for the same period in Year 2011; Administrative expenses of N488 million have been well moderated and within the budget; Net profits for the half year totaled N1.1billion, an increase of 54% over the N684 million recorded in prior year.

Transcorp’s President and Chief Executive Officer, Mr. Obinna Ufudo said, “We are quite pleased with our half year results which have surpassed the performance of Year 2011 by N162 million. We are certain that Transcorp is on the right path and will realize the performance targets set at the beginning of the year.

“Our half year results confirm that Transcorp is on sound footing. We are confident that the steps taken so far in each of our business areas will further accelerate our growth. We have an enviable pipeline of deals, opportunities and projects, and are well positioned to take advantage of them and ensure that Transcorp delivers even stronger results for the remaining half of this year.”

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