Transcorp Plc has exited its juice business Terragro. Terragro was the operator of a 26,500 metric tonne capacity benfruit plant located in Benue State.
Managment disclosed this during the company’s investor conference held today. The firm adduced the decision to imported concentrate being cheaper than local concentrate. Terragro produced pineapple, mango and orange concentrate.
Transcorp Plc is currently trading at N1.27 in today’s trading session.
Results for the half year ended June 2018 show revenue increased from N34.1 billion in 2017 to N54 billion in 2018. Profit before tax jumped from N4.5 billion in 2017 to N11.9 billion in 2018. Profit after tax also surged from N4.1 billion in 2017 to N10.8 billion in 2018.
The company in a notice sent to the NSE yesterday, disclosed that the divestment process was still ongoing and had not been concluded.