By InvestAdvocate

Lagos (INVESTADVOCATE)-Transnational Corporation of Nigeria (TRANCORP) Tuesday posted a 71.8 percent (71.8%) growth in Profit After Tax (PAT) for the Period Ended June 30 2012.

This is contained in the Second Quarter (Q2) 2012 Report of the Conglomerate Giant to the Nigerian Stock Exchange and made available to www.investadvocateng.com in Lagos Nigeria.

Transcorp in the review period recorded a PAT of N939.932 million compared to N547.211 recorded in the same period of year 2011; indicating a growth in Profit of 71.8%.

Profit Before Tax (PBT) also increased from N684.014 million in the Q2 of year 2011 compared to N1.052 billion in the review period of year 2012; showing an increase of 53.8%.

However, Revenue declined from N1.249 billion in the Second Quarter of year 2011 compared to N788.752 million in the review period of year 2012; representing a decline of 36.8%.

It was quoted that Obinna Ufudo Transcorp President/Chief Executive Officer (CEO) said they were quite pleased with the Quarter two results which have surpassed the performance of Year 2011 by N162 million. “We are certain that Transcorp is on the right path and will realise the performance targets set at the beginning of the year” he said.

“Our half year results confirmed that Transcorp is on sound footing. We are confident that the steps taken so far in each of our business areas will further accelerate our growth. We have an enviable pipeline of deals, opportunities and projects, and are well positioned to take advantage of them and ensure that Transcorp delivers even stronger results for the remaining half of this year” Ufudo affirmed.

Meanwhile Tripple Gee Plc recorded a PAT of N6.234 million in its 2012 Audited Year End compared to a Loss of N45.342 million recorded in year 2011 end.

Also, PBT was N8.605 million in year 2012 end compared to a negative of N45.324 million in the Year 2011 Audited Report of the Company; showing a 119.0% appreciation in PAT.

While Turnover increased by 14.4% as the Firm recorded N619.812 million in year 2012 end compared to 541.605 million in the Audited Year End of 2011.

Related Stories

1. Transcorp Re-positions to perform and Deliver to all its Stakeholders

2. Transcorp hinges future growth on strategic investments