Transcorp Quarterly Profit Increases 672%

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The Transnational Corporation of Nigeria said its after-tax profit rose 672 percent to 13.47 billion naira in the third quarter of 2021, from 1.75 billion naira in the same period last year.

This was disclosed during the company’s third quarter 2021 analyst presentation and investor call.

Group President / CEO Owen Omogiafo and other senior executives from the company gave presentations on recent achievements of Transcorp at the virtual event.

Transcorp said its pre-tax profit rose 599.5 percent to N14.13 billion in the third quarter of 2021, from N2.02 billion in the same period last year.

The company’s gross profit increased 73.2 percent to N39.37 billion from N22.72 billion, while its gross profit increased 57.4 percent to N85.59 billion from N54.38 billion.

Its total assets rose 5% to 355.55 billion naira in the third quarter of 2021, from 338.2 billion naira in the same period a year earlier.

The company said its corporate social commitment, driven by pillars of social impact, including the environment, education and empowerment, is helping to improve lives and transform Nigeria.

Transcorp said it is looking to build and operate scalable nuclear power plants (25MW to 150MW) for power generation in Nigeria.

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