Transnational Corporation of Nigeria Plc (Transcorp) yesterday said it has plans to augment its group profits to N25 billion come end of 2014 financial year.
The Chairman of the company, Mr. Tony Elumelu, who disclosed this at the firms eight Annual General Meeting (AGM), held in Lagos, that it hope to achieve this target through continued diversification and deepening of its existing businesses.
According to him power business in 2014, will focus on concluding the rehabilitation of a number of identified turbines in order to improve generating output at the Ughelli plant to 700 mega watts, while the oil and gas business will witness a speedy take-off as they expect to finalise negotiation of the production sharing contract of OPL281 with the department of petroleum recourses (DPR).
He noted that he will commence the construction of its Transcorp Hotel in Ikoyi and the completion of the project development activities for the planned Transcorp Hilton Port Harcourt.
He further said that by the end of 2015 financial year the company expects to conclude the renovation works at Transcorp Hilton Abuja.
Speaking on its financial performance for the year under review, the Chairman said that in 2013 the group gross earnings recorded a growth of 60 per cent from N15.81billion in 2012 to N25.23billion for the group for the full year 2013 end.
He further said that the company’s gross earnings increased in 2013 by 41 per cent from N4.80billion in 2012 to N6.78billion, adding that the impressive gross earnings growth translated into a significant operating profit for the group as group profit before tax (PBT) of N9.03billion represents 129 per cent growth over 2012 profit before tax of N3.95billion.
He added that company’s 2013 profit before tax (PBT) of N3.19billion increased by 11 per cent from N2.88billion achieved in 2012.
He further said that in 2013 group total assets grew by 50 per cent from N99.56billion in 2012 end to N149.46 billion in the year under review, while total assets of the company also witnesses increased
from N38.65billion in 2012 to N49.08billion in the year under review.
Following the impressive and positive result the board declared a dividend of five kobo for the first time after its incorporation.
He assured shareholders that the company will build on the solid foundation laid over the couple of years to begin an era of steady and increasing dividend payment to shareholders.