BY PETER EGWUATU

Transnational Corporation of Nigeria (Transcorp) Plc has recorded a total income of N857 million in its first quarter financial performance ended March 31, 2012, representing a growth of 64 per cent from N664 million recorded in the corresponding period of 2011.

Further analysis shows that administrative costs fell by 26.4 per cent from N200million in first quarter  2011 to N147million for the same period under review on the back of disciplined cost optimisation initiatives.

Profit before tax increased from N399million in the first quarter of 2011 to N610million in the first quarter of 2012, an increase of 52.9 per cent.

The company also posted a profit after tax of N518million representing a 62 per cent improvement compared to N319 million for the first quarter of 2011.

The Company achieved the adoption of International Financial Reporting Standards (IFRS) in line with statutory regulation.

Transcorp’s President and Chief Executive Officer, Mr. Obinna Ufudo, said “We are excited by this early and positive indication that our turnaround and transformation initiatives are already taking root and yielding results.”

He further stated that “We will continue to sustain the trust of our key stakeholders by delivering sound financial returns, diversifying our portfolio mix in the Energy, Agri-business and Hospitality sectors and adhering to best corporate governance practices. In the coming months we will accelerate the pace of execution of our corporate strategy towards even stronger results for the rest of the year.”

Transcorp is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Its portfolio is comprised of strategic investments and core interests in the hospitality, agribusiness and energy sectors.

Some of its notable businesses include Transcorp Hilton Hotel, Abuja ; Transcorp Metropolitan Hotel, Calabar; Teragro Limited – Nigeria ’s first-of-its-kind juice concentrate plant; and Transcorp Energy – operator of Oil Prospecting License (OPL) 281.