Nigeria, March 13 -- Transnational Corporation Plc (Transcorp) reported a 189.7 per cent rise in net profit for last year, according to its recently released audited earnings report, amid a sharp boost to electric energy and capacity income, its principal revenue source.

Electric energy and capacity income more than doubled to N337.8 billion, helping revenue grow 107.1 per cent to N407.9billion.

The conglomerate, whose business segments span hospitality, energy and power, saw cost of sales soar by 141.6 per cent, eroding more than half of revenue.

A surge of more than threefold in natural gas and fuel costs drove that surge.

"We have been able to consistently record impressive growth across all indices year on year, despite the challe...