Transnational Corporation of Nigeria Plc (Transcorp) has reported a 63.08 per cent drop in its Profit After Tax (PAT) to N1.86 billion in the first quarter of 2023.
According to Transcorp’s unaudited financial report for Q1 2023, the drop was significant from the N5.04bn the company posted in Q1 of 2022.
The report filed by the company to the investing public and financial analysts through the Nigerian Exchange Limited (NGX) on Monday, indicates that Transcorp’s Profit Before Tax (PBT) also fell by 50.18% to N2.85bn in Q1 2023 from N5.73bn in the first quarter of 2022.
However, the company grew its revenue marginally by 3.2% to N32.4bn compared to the N31.4bn recorded in the first quarter 2022 while its net profit for the first three months of the year slowed by 63.1%.
The corporation earned 40% more in other income and considerably cut impairment loss on financial assets. However, operating profit still fell from N5.2bn to N5.9bn.
Cost of sales leapt by more than one-tenth to N18.2bn as the spending on natural gas and fuel, as well as food and beverage, surged in a quarter.
At the close of trading yesterday, Transcorp topped the gainers’ table with 18kobo or 9.73% value addition. From the opening figure of N1.94, it closed trading for the day at N2.03 per share.
