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Transcorp Plc Post Strong Earnings: PAT Up 166% To N2.5Billion

Ugodre Obi-chukwu by Ugodre Obi-chukwu
May 21, 2013
in Blurb
Transcorp Plc Post Strong Earnings: PAT Up 166% To N2.5Billion
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Is this the time to buy Transcorp Shares?

 

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Transcorp Plc released its 2012 FY earnings posting a Profit After Tax of N2.5billion up from N952million posted in 2011. Its revenue (mainly dividend income) dropped 18% to N2.3billion and income from other sources which may include asset disposal rose 627% to N2billion and accounted for for 71% of Pre-tax profits. Transcorp also saw increased saving in operating expenses which dropped for the second year running to 30%.

However, Net Interest cost is on the rise as it rose 62.6% year on year as the company piled up more debt. Debt increased to N13billion from those over N2billion in 2011 resulting in a debt equity of 75%. However, the company plans to raise N22billion in fresh equity which may be used to reduce the debt.

The Transcrop Group result was however not too pleasant as PAT dropped 57% to N2.5billion as revenues remained flat at N13.2billion. The reason for this drop was the apparent increase in admin expenses, finance cost and taxes all slicing off a combined N9billion from revenues.

Transcorp shares dropped 8.53% to N1.18 as investors react to the non-declaration of dividends and rights issue of N1 per share.

A full review of this result will be done once the company releases more details

Trancorp Plc 2012 FY Snapshot

Transcorp Plc reased its 2012 FY results on the website of the NSE

 

Black Ink

Tags: EARNINGS REPORTRESULTSTranscorp plc
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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