Transcorp’s Q1 profit soars 2,426% as revenue rises

Transnational Corporation of Nigeria Plc has reported a profit of N2.04 billion for the quarter ended Mar. 31, 2021, compared to N80.79 million in the same period of 2020.

Transcorp’s profit before tax jumped to N2.49 billion in Q1 2021 from N137.26 million in the same period a year ago.

Its revenue rose to N24.44 billion in the period under review from N15.39 billion in Q1 2020, according to its unaudited financial statements obtained by Markets Reporters.

“Transcorp’s revenue is generated mostly from two key sectors: power, which contributes about 70 percent of the group’s revenue; and hospitality, which contributes about 30 percent of the group’s revenue,” the company said in the financial statements.

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