Transcorp Nigeria Advances Most in a Month as Profit Soars

Transnational Corp. of Nigeria Plc, which has interests in hotels, agriculture and oil, rose the most in a month after full-year net income soared.

The stock gained 4 kobo, or 3.9 percent, its biggest increase since June 28, to 1.07 naira by the 2:30 p.m. close in Lagos.

Profit for the 12 months through December jumped to 5.4 billion naira ($35 million) from 1.22 billion naira a year earlier, the Lagos-based company said in a statement yesterday on the website of the Nigerian Stock Exchange.

The price of Transcorp shares have more than doubled this year, compared with a 3.8 percent decline in the Nigerian Stock Exchange All-Share Index over the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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