Transcorp says it increased H1 profit by 122 percent

Transnational Corporation of Nigeria Plc (Transcorp) has announced it increased its half-year pretax profit by 122 percent to N8.01 billion($49.4 million).

In its filing on the Nigerian Stock Exchange on Monday, the conglomerate also reported a turnover of N21.21 billion in the first half of the year, against N7.67 billion naira in the same period last year.

Transcorp had on Saturday announced plans to expand its hotel business in Nigeria to tap a growing market for business travellers.