Unilever Nigeria Plc and Transnational Corporation of Nigeria (Transcorp) Plc Tuesday announced their financial results for the third quarter (Q3) ended September 30, 2012. The two companies, listed in the conglomerates subsector of the Nigerian Stock Exchange (NSE), reported mixed performance.
While Unilever Nigeria reported an almost flat bottom line, Transcorp witnessed a growth of 81 per cent in profit.
According to unaudited result of Unilever, the company reported a turnover of N41.66 billion in 2012, up marginally from N40.41 billion, while profit after tax stood at N4.007 billion as against N4.067billion in the corresponding period of 2011.
In the case of Transcorp, the company posted a profit before tax of N1.7 billion in 2012, up from N922 million in 2011, showing an increase of 81 per cent. Profit after tax stood at N1.5 billion in 2012, compared with a loss of N77 million in 2011. Operating expenses fell from N778 million to N689.7 million in 2012, while total assets grew by 19.4 per cent from N23.32 billion 2011 to N27.85 billion in 2012.
Commenting on the performance, Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, said: “Our Q3 result is an affirmation of the continued success of our business strategies and income diversification initiatives. We are quite pleased with the stable and positive growth of our earnings, and are already working out plans to further improve on it."
According to him, the company’s enviable pipeline of deals and opportunities portend an even brighter future for Transcorp as manifested in the successful bid for the acquisition of the 972mw Ughelli Power Plant.
“This giant step into the power sector as well as our other initiatives will further position Transcorp for even better performance in the year ahead,” he said.
Meanwhile, the Nigerian Stock Exchange (NSE) All-Share Index rose by 0.11 per cent to close at 27,109.62 compared with a decline of 0.77 per cent the previous day.