Nigeria’s Transcorp grows profit by 72%

Transnational Corporation of Nigeria Plc, Transcorp, has announced a profit after tax of N939.932 million for its second quarter ended, June 30, 2012, financial statement.

The profit after tax figures represents an improvement of 71.8 per cent from N547.211 million recorded in similar period in 2011.

However, the company recorded significant decline in its t op line figures, with its gross revenue dropping by 36.8 per cent to N788.752 million, from N1.249 billion recorded in the same period in 2011.

Transcorp recorded operating profit of N304.877 million, dropping by 62.4 per cent from N810.781 million in 2011 and a profit before tax of N1.052 billion, rising by 53.8 per cent from N684.014 million recorded in 2011.

The company’s profitability was eroded by administrative expenses of N487.866 million, down by 11.3 per cent from N438.182 million in second quarter 2011 and finance costs of N220.435, up from N127.628 million in 2011.

Transcorp’s investment in its subsidiaries stood at N20.678 billion, compared to N20.677 billion in the same period in 2011; financial assets grew by 1,746 per cent from N100 million to N1.846 billion; working capital, stood at a negative of N2.811 billion, from a negative of N4.884 billion, while net assets appreciated by 11.9 per cent to N15.935 billion from N14.241 billion recorded in 2011.

Meanwhile, Tripple Gee Plc has bounced back to profitability, declared a profit after tax of N6.234 million for its 2012 financial year.

According to its audited results for the year ended, March 31, 2012, presented to the Nigerian Stock Exchange, NSE, the figure was an improvement over a loss after tax of N49.22 million recorded in its 2011 financial year.

The company’s turnover grew by 14.4 per cent to N619.812 million, compared to N541.605 million recorded in 2011, while gross profit appreciated by 4.9 per cent to N155.762 million, from N148.527 million recorded in 2011.

Tripple Gee recorded operating profit of N41.471 million, compared to a loss of N12.725 million in 2011; profit on disposal of fixed assets N1.097 million; and profit on ordinary activities before tax of N8.605 million compared to a loss of N45.342 million.

The company’s cost of sales stood at N464.050 million, up from N393.078 million recorded in 2011; other income dipped by 0.2 per cent to N2.291 million, from N2.296 million recorded in 2011; while interest expenses and charges rose to N33.663 million, from N32.617 million.

On the balance sheet side, the company recorded fixed assets of N1.124 billion, rising by 21.4 per cent from N926.110 million recorded in 2011; trade debtors of N116.645 million, dropping by 7.1 per cent from N125.561 million recorded in 2011, total assets of N1.713 billion, up by 18.6 per cent from N1.444 billion recorded in 2011; total current liabilities dipped by 9.0 per cent to N353.312 million, from N388.291 million, while net assets stood at N642.260 million, up by one per cent from N636.026 million recorded in 2011.


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