Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Transcorp Nigeria Rises to Highest in 8 Months on Profit

May 24 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which has interests in hotels, agriculture and oil, gained for an 11th day, rising to the highest in more than eight months, as first-quarter profit surged.

The stock jumped 4.9 percent to 86 kobo by the close in Lagos, the commercial capital, the strongest level since September and the longest rising streak since April.

Net income jumped 62 percent to 518.6 million naira ($3.3 million) from 319.3 million naira a year earlier, the company said in a statement posted on the Nigerian Stock Exchange website today.

“Demand for the stock is still heavy because the results are getting better although it did not pay dividend, and if the present tempo of activities continues, it will recover lost ground,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., said by phone today. Transcorp traded at 1.13 naira in June last year and fell to 50 kobo by April.

The company, which runs Transcorp Hilton Hotel in Abuja, plans to build eight luxury hotels with Hilton Worldwide Inc. in Nigeria within seven years, according to its website. Transcorp is also in partnership with SacOil Holding Ltd. and Energy Equity Resources Ltd. in operating an oil prospecting license in the oil-rich Niger River delta.

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

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.