Transnational Corporation Plc

Unaudited Condensed Consolidated Financial Statements

For the Period Ended 30 September 2022

Transnational Corporation Plc

Statement of Profit or Loss and Other Comprehensive Income For the Period Ended 30 September 2022

Group

Company

30 September

30 September

30 September

30 September

2022

2021

2022

2021

N'000

N'000

N'000

N'000

Note

Revenue

19

96,245,378

85,587,511

7,635,252

5,459,669

Cost of sales

20

(49,545,980)

(46,222,004)

-

-

Gross profit

46,699,398

39,365,507

7,635,252

5,459,669

Administrative expenses

23

(15,982,844)

(12,211,681)

(1,861,647)

(1,120,461)

Impairment (loss) on financial assets

(285,271)

(556,542)

-

-

Other income

21

1,233,367

953,990

2,323,805

898,490

Other gains /(losses) - net

(674)

22

(141,076)

(26,206)

-

Operating profit

31,523,574

27,525,068

8,097,410

5,237,024

Finance cost - Net

24

(9,609,991)

(11,293,312)

(2,662,215)

(2,974,301)

Foreign exchange (loss) on financing

25

activities

(1,046,952)

(2,105,145)

-

-

Profit before taxation

20,866,631

14,126,611

5,435,195

2,262,723

Taxation

16

(1,826,774)

(659,118)

(881,615)

(551,627)

Profit for the period

19,039,857

13,467,493

4,553,580

1,711,096

Profit attributable to:

Owners of the parent

8,913,650

7,143,305

4,553,580

1,711,096

Non controlling interest

10,126,207

6,324,188

-

-

Other comprehensive

income/(loss)

Items that will not be reclassified to profit or loss:

Net (loss)/gain on equity instruments

designated at fair value through OCI

22

(218,565)

(505,143)

(218,565)

(505,143)

Total comprehensive income for

12,962,350

the period

18,821,292

4,335,015

1,205,953

Attributable to:

Owners of the parent

8,695,085

6,638,162

4,335,015

1,205,953

Non controlling interest

10,126,207

6,324,188

-

-

Basic EPS (kobo)

26

21.93

17.57

11.20

4.21

Diluted EPS (kobo)

26

21.93

17.57

11.20

4.21

The results shown above relate to continuing operations. There are no incomes or expenses from discontinued operations. At 30 June

The notes on pages 7 to 19 are an integral part of these financial statements.

1

Transnational Corporation Plc

Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 30 September 2022

Group

Company

July -

July -

July - September

July -

September

September

2022

September

2022

2021

2021

N'000

N'000

N'000

N'000

Note

Revenue

19

33,356,353

32,327,276

3,118,541

2,414,055

Cost of sales

20

(17,762,173)

(16,467,793)

-

-

Gross profit

15,594,180

15,859,483

3,118,541

2,414,055

Administrative expenses

23

(5,091,285)

(4,712,912)

(1,097,345)

(375,132)

Impairment (loss) on financial assets

49,729

(283,787)

-

-

Other income

21

510,102

333,670

1,034,433

320,196

Other gains /(losses) - net

22

(17,768)

(6,382)

-

-

Operating profit

11,044,958

11,190,072

3,055,629

2,359,119

Finance cost - Net

24

(3,537,429)

(3,320,044)

(917,701)

(854,380)

Foreign exchange (loss) on financing activities

25

(3,013)

(794,835)

-

Profit before taxation

7,504,516

7,075,193

2,137,928

1,504,739

Taxation

16

(476,393)

(110,673)

(332,474)

(243,238)

Profit for the period

7,028,123

6,964,520

1,805,454

1,261,501

Profit attributable to:

Owners of the parent

3,061,222

3,927,696

1,805,454

1,261,501

Non controlling interest

3,966,901

3,036,824

-

-

Other comprehensive income/(loss)

Items that will not be reclassified to profit or loss:

Net (loss)/gain on equity instruments

designated at fair value through OCI

22

(217,719)

145,736

(217,719)

145,736

Total comprehensive income for the

7,110,256

1,407,237

period

6,810,404

1,587,735

Attributable to:

Owners of the parent

2,843,503

4,073,432

1,587,735

1,407,237

Non controlling interest

3,966,901

3,036,824

-

-

Basic EPS (kobo)

26

7.53

9.66

4.44

3.10

Diluted EPS (kobo)

26

7.53

9.66

4.44

3.10

The results shown above relate to continuing operations. There are no incomes or expenses from discontinued operations. At 30 June

The notes on pages 7 to 19 are an integral part of these financial statements.

2

Transnational Corporation Plc

Statement of Financial Position

As at 30 September 2022

Group

Company

30 September

31 December

30 September

31 December

2022

2021

2022

2021

Note

N'000

N'000

N'000

N'000

Assets

Non-current assets

Property, plant and equipment

5

275,350,461

277,816,617

67,702

51,151

Right of use aasets

5

364,388

288,524

245,955

288,524

Intangible assets

6

41,027,335

41,199,858

5,075,818

5,075,818

Investment property

7

2,194,000

2,194,000

2,194,000

2,194,000

Investment in subsidiaries

8

-

-

42,395,763

42,395,763

Debt and equity securities

13

5,316,327

5,411,024

3,669,397

3,887,961

Deferred tax

9

792,202

792,202

-

-

Prepayments and other assets

12

100,066

38,403

100,066

38,403

325,144,779

327,740,628

53,748,701

53,931,620

Current assets

Inventories

10

5,961,610

4,463,680

-

-

Trade and other receivables

11

78,528,325

67,981,453

36,714,008

35,246,097

Prepayments and other assets

12

1,624,013

1,582,608

122,303

33,921

Cash and cash equivalents

14

9,916,970

14,231,648

754,609

493,255

96,030,918

88,259,389

37,590,920

35,773,273

Total assets

421,175,697

416,000,017

91,339,621

89,704,893

Liabilities

Current liabilities

Trade and other payables

15

129,301,236

135,077,249

7,813,111

9,913,480

Tax Payable

16

2,369,685

3,645,712

291,274

288,087

Contract Liabilities

152,820

152,820

-

-

Lease Liability

-

297,123

-

297,123

Deferred income

450,659

450,659

-

-

Borrowings (short term)

17

30,919,759

55,387,033

23,675,358

23,842,510

163,194,159

195,010,596

31,779,743

34,341,200

Non-current liabilities

Borrowings (long term)

17

72,574,933

50,698,711

14,333,407

13,659,279

Deposit for shares

18

12,935,000

12,935,000

-

-

Contract Liabilities

2,275,477

2,333,370

-

-

Deferred income

1,668,809

2,005,878

-

-

Deferred tax

9

6,724,180

6,724,181

-

-

96,178,399

74,697,140

14,333,407

13,659,279

Total liabilities

259,372,558

269,707,736

46,113,150

48,000,479

Equity

Ordinary share capital

27

20,323,996

20,323,996

20,323,996

20,323,996

Share premium

27

6,249,871

6,249,871

6,249,871

6,249,871

Other reserves

26,233,421

26,451,987

1,587,505

1,806,069

Retained earnings

53,205,355

47,602,138

17,065,099

13,324,478

Equity attributable to owners of the parent

106,012,643

100,627,992

45,226,471

41,704,414

Non controlling interest

55,790,496

45,664,289

-

-

Total equity

161,803,139

146,292,281

45,226,471

41,704,414

Net equity and liabilities

421,175,697

416,000,017

91,339,621

89,704,893

The notes on pages 7 to 19 are an integral part of these financial statements.

The Unaudited financial statements on pages 1 to 19 were approved and

authorised for issue by the Board of Directors on 26th

October 2022 and were signed on its behalf by

-

Joseph Adegunwa

Owen Omogiafo

Emmanuel Nnorom

Group Chief Finance Officer

President/Chief Executive Officer

Director

FRC/2019/ICAN/00000019103

FRC/2019/IODN/00000019827

FRC/2014/ICAN/00000007402

3

Transnational Corporation Plc

Statement of Changes in Equity

For the Period Ended 30 September 2022

Group

Attributable to owners of the parent

Total

Non

Total

Share

Share

Other

Retained

Attributable to

Controlling

equity

capital

premium

reserves

earnings ners of the parents

interest

N'000

N'000

N'000

N'000

N'000

N'000

N'000

As at 1 January 2021

20,323,996

6,249,871

1,982,031

28,620,256

57,176,154

38,249,016

95,425,170

Profit for the year

-

-

-

13,964,329

13,964,329

9,867,123

23,831,452

Adjustment for disposal of shares

-

-

-

2,494,214

2,494,214

Dividend

-

-

-

(406,480)

(406,480)

(4,946,064)

(5,352,544)

Other comprehensive income/(loss)

-

-

(287,642)

-

(287,642)

-

(287,642)

Other reserve from Trans Afam Power Ltd

24,757,597

24,757,597

24,757,597

Retained earnings from Trans Afam Power Ltd

5,424,033.00

5,424,033

5,424,033

-

Balance at 31 December 2021

20,323,996

6,249,871

26,451,986

47,602,138

100,627,991

45,664,289

146,292,280

As at 1 January 2021

20,323,996

6,249,871

1,982,031

28,620,256

57,176,154

38,249,016

95,425,170

Profit /(Loss) for the period

-

-

-

3,215,609

3,215,609

3,287,364

6,502,973

Dividend paid

-

-

-

(406,480)

(406,480)

-

(406,480)

Right Issue

-

-

-

-

-

-

-

Other comprehensive income

-

-

(650,879)

-

(650,879)

-

(650,879)

Balance at 30 September 2021

20,323,996

6,249,871

1,331,152

31,429,385

59,334,404

41,536,380

100,870,784

As at 1 January 2022

20,323,996

6,249,871

26,451,986

47,602,138

100,627,991

45,664,289

146,292,280

Profit for the period

-

-

-

8,913,650

8,913,650

10,126,207

19,039,857

Dividend paid

-

-

-

(3,310,430)

(3,310,430)

-

(3,310,430)

Other comprehensive income

-

-

(218,565)

-

(218,565)

-

(218,565)

Balance at 30 September 2022

20,323,996

6,249,871

26,233,421

53,205,358

106,012,646

55,790,496

161,803,142

4

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Transnational Corporation of Nigeria plc published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 18:57:07 UTC.