Transcorp Grows Six Months Profit by 72%

by Research 20. July 2012 12:05

The prospects of shareholders of Transnational Corporation of Nigeria (Transcorp) receiving dividends for the first time have brightened, following an improved financial performance for the six months ended June 30, 2012.

The company reported a profit before tax of N1.052 billion in 2012, up by 54 per cent from N684 million. Similarly, profit after tax rose by 72 per cent from N547 million to N940 million in 2011.

In his comment on the result, the Chief Executive Officer of Transcorp Plc, Mr. Obinna Ufudo said, “We are quite pleased with our half year results which have surpassed the performance of 2011 by N162 million. We are certain that Transcorp is on the right path and will realise the performance targets set at the beginning of the year”.

According to him, the performance has confirmed the company 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,” he said.

Similarly, Oando Plc reported its half year result, showing a turnover of N351 billion in 2012, as against N268 billion in 2011. Profit after tax stood at N6.6 billion; compared with N6.8 billion in 2011.

Meanwhile, investors traded 411.974 million shares worth N3.175 billion in 4,694 deals yesterday as against 414.109 million shares valued at N3.075 billion exchanged in 5,375 deals the previous day.

However, the market closed on negative note after six days of a bull run. The Nigerian Stock Exchange (NSE) All-Share Index fell by 0.77 per cent to close at 23,098.21

source: thisday live

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