Trans-Nationwide Express Plc, a transport and distribution services company with a road express network in Nigeria, has reported a 304.29 per cent increase in profit driven by improvements in revenue as it starts the year on a high note.
Profit rose to N2.92 million in the first three months of 2019, as against N723,000 in the comparable quarter of 2018, buoyed by a 22 per cent jump in revenue to N213.31 million in the first quarter of 2019.
The surge in revenue was on account of a 398.64 per cent spike in Mass mailing income which generated N43.76 million in the quarter from N8.78 million noted twelve months before.
Other income segments that improved include courier services (7%), logistics (7%), and Internal mailing (10%) while mailbag (-37%), Freight (-14%) and Warehouse (16%) declined.
Gross profit for the transportation and logistics company increased 33.25 per cent from N138 million to N103 million year-on-year in the recently concluded quarter while other income dipped 84.46 per cent to N207,000.
Administrative expenses were higher compared to 2017 as Trans-nationwide incurred N134 million compared to N103 million over the period. Total finance cost saw an uptick of 3.47 per cent to N566,000 from N547,000.
Profit before tax however ballooned 222 per cent to N2.92 million compared to N908,000 recorded previously in the first quarter of 2018.
Profit for the year remained at N2.92 million, 304.29 per cent more than N723,000 the company earned in the first three months of 2017 where it also paid a tax of 185,000.
Shares of the transportation company remained flat at 81 kobo as trading closed for the week on Friday. On year to date basis, the shares have gained 25 per cent since it opened at 65 kobo for the year.
Trans-Nationwide Express is a Logistics Company engaged in domestic and International Express delivery, haulage, freight and other ancillary transportation and storage services.
It is a wholly owned Nigerian company which was established in 1984 as TNT Skypak Nigeria Limited. In 1992 the name was changed to Trans-nationwide Express Plc. With a share capital of N250,000,000 and over 3,600 shareholders, it sought and obtained listing on the Nigeria Stock Exchange (1st tier) in 1993.