Transnational Corporation of Nigeria (Transcorp) Plc has announced financial results for the half-year ended June 30, 2017, recording N4.2 billion as profit after tax (PAT). This translates to a 134 per cent growth against a loss position of N12.19 billion recorded in the corresponding period in 2016.
Commenting on the result, President/Chief Executive Officer, Transcorp, Mr. Adim Jibunoh, said the company’s performance was achieved largely through increased power output following improved gas supply.
“Our power plant, Ughelli Transcorp Power Company, has consistently ranked as the number one power producer, contributing an average of between 13 percent to 15 percent of total power exported to the national grid during the 2nd Quarter of 2017,” he said.
Jibunoh noted that the firm is on track for strong performance in the third quarter of 2017, as it has already initiated the process of enhancing the available capacity of the power generating plant from 620MW to over 720MW to take advantage of improving gas supply.