By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian Conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) on Monday said its half year 2014 profit for the year grew 177.4 percent to N688.7 billion from N2.483 billion in the same period of 2013.

Similarly, first-half 2014 pretax profit of the conglomerate increased 122 percent to N8.015 billion from N3.610 billion in the corresponding period of 2013.

While revenue also climbed up 176.5 percent to N21.212 billion in the first-half of 2014 from N7.671 billion in the first-half period of 2013, Transcorp said in a filing with the Nigerian stock exchange (NSE).

However, as at the close of transactions at the Nigerian bourse, share price of the company dropped 1.38 percent from N5.78 it opened to close at N5.70 losing 0.08 kobo.

Obinna Ufudo, chief executive officer (CEO) of Transcorp announced last Saturday its plans to invest about $110 million to expand its hotel business in Africa in order to take advantage of its growing tourism market.

Ufudo said the new hotel will be located in Ikoyi Lagos and its expected to house 100 rooms and will be managed by the Hilton group.

Apart from the hotel investment, the Transcorp CEO said the conglomerate will invest $90 million to upgrade the generation capacity of its power plant to 715 megawatts from 463 megawatts.