Home LEAD STORIES ABC Transport Group Record N766.84M Profit

ABC Transport Group Record N766.84M Profit

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ABC Transport Plc has released the Group’s audited results for the year ended 31st December 2017, recording a consolidated profit before tax of N766.84m against a loss after tax of N599.79m recorded in 2016.

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This was conveyed in a statement released to the Nigeria Stock Exchange on 29th March 2018.Turnover grew from N6.71bn in 2016 to N7.19bn in 2017 representing an increase of 7.15 per cent while operating loss of N490.85m recorded in 2016 reversed to an impressive profit before tax of N766.84m in 2017.

In like manner, a profit after tax of N513.25m was earned by the group in 2017 against a loss after the tax of N599.79m recorded in 2016.

The company in a statement signed by its Head, Corporate Services and Marketing, Mrs. Ijeome Onyenkwo, said it re-strategised to fully recover from the economic recession which hit the transport sector badly, while growth was majorly driven by the performance of Transit Support Service Limited, a subsidiary engaged in the Auto assembly and Sales.
According to the statement, the board has proposed a dividend of three kobo (3k) per share amounting N49.73m to reward shareholders for their patience and belief in the Group’s potentials.

It should be recalled that the company was unable to pay dividends in 2016 as a result of the loss incurred owing to the economic recession which hit the entire logistics subsector of the economy.

“The ABC Transport Group hopes to continue its improvement by strengthening all its sub-units and expanding its business in the less volatile segments.

“ABC Transport has continued to innovate in its passenger operation with ongoing expansion of her Sprinter service, a comfortable long distance service for light travellers using low capacity buses. It also delivers consolidated cargo, haulage and hospitality services to over 100 destinations daily from over 31 locations in Nigeria, Benin Republic, Togo and Ghana,”the statement added.

As the company seeks to maintain its leading position in the road transport and logistics business, it equally has strategic shareholding in Transit Supports Services Limited, a company engaged in the assembly and sales of vehicles, with leading brands such as BAW Pilot, Shacman and Forland.
The company currently has over 22,000 shareholders and remains the only road transport company quoted on the Nigerian Stock Exchange.

SOURCE: National Business Daily

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