By Peter Egwuatu
Transnational Corporation of Nigeria, Transcorp Plc has recorded total assets of N313.07 billion in the third quarter ended September 30, 2019 (Q3’19) from N297.14 billion in the full year of 2018, representing a five per cent Year to Date, YTD.
The Company recorded gross revenue of N58.28 billion and also a profit before tax of N7.36 billion in the Q3’19.
The Company in a statement explained that Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 16 per cent in its year-on-year revenue and had a gross profit increase of 19 per cent in comparison with the same period of 2018. Revenue from its power business, Transcorp Power Limited (TPL), however, declined during the period due to gas and transmission issues.
Commenting on the result, the President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated:“Our Q3 result reflects our long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.”
“On our part, we have taken several actions aimed at proactively and sustainably addressing these issues. These include the recent activation of our Gas Supply and Aggregation Agreement, guaranteeing gas supply to our power plant in Ughelli; leveraging the Eligible Customer regime initiated by the Federal Government, which gives value to our stranded capacities; consummating the acquisition of Afam Power Plc and Afam Fast Power Limited, thereby raising our total generation capacity from 972MW to 1938MW; expansion into alternative power generation and mini-grid opportunities, among other things” he further stated.