Transnational Corporation of Nigeria Plc (Transcorp) posted an almost sevenfold surge in profit and a marked increase in revenue for the first nine months of the year three months after branching out into power production from nuclear energy, the first firm in Africa’s largest economy to take the chance.
The conglomerate recorded a turnover in the sum of N85.6 billion January through September, more than that contributed by earnings from energy sent out for uptake, the financial statement of the company obtained from the Nigerian Exchange Limited showed on Wednesday.
The revenue was 57 per cent bigger than the figure posted in the same period of 2020.
Transcorp, whose interests span hospitality, oil & gas, and agro-allied business, built the dramatic transformation on the diversification in July into nuclear energy, in a bid to develop mini power plant units arm in arm with the science and technology ministry.
Profit before tax stood at N14.1 billion up from the N2 billion recorded in the corresponding period of last year.
The profit for the period scaled up by 671 per cent to N13.5 billion and could have even been higher but for a slump in other income by almost half.
Last November, Tony Elumelu-backed Transcorp took over the 966 MW Afam Power Plc and Afam III Fast Power Limited Nigerian government in an outright purchase worth N105 billion to step up Nigeria’s capacity in power generation, which has become a major impediment to the country’s industrialisation plans.
Transcorp was quoted at 11:35 WAT in Lagos on Wednesday at N1.02 per unit, trading down 0.97 per cent. The stock has returned 47.14 per cent in the last one year.
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