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Transnational Corporation of Nigeria (Transcorp), a leading Nigerian conglomerate, posted an after-tax loss of N14.21 billion for the nine-month period ended September 30th, according to a statement released at the Nigerian Stock Exchange on Wednesday.

The company attributed its loss to huge foreign exchange losses arising from the impact of the devaluation of the naira on dollar-denominated debts attached to its power subsidiary, Transcorp Power Limited. The company said it had recorded an after-tax profit of N5.89 billion a year earlier.

“The loss recorded in the quarter was from unrealized foreign exchange loss due to the impact of material devaluation of the naira against the US dollar on our dollar acquisition facility,” said Emmanuel Nnorom, Transcorp’s President/CEO. “The illiquidity in accessing foreign currency has affected the management’s plan to convert the dollar facility to local currency.”

Besides FX challenges, Nnorom said Transcorp’s after-tax loss resulted from a substantial decline in Transcorp Power’s generating capacity due to the deteriorating gas supply situation in the country and load restrictions from the national grid.

Notwithstanding its losses, Transcorp said revenue grew by 38 percent to N41.92 billion from N30.43 billion a year earlier driven mainly by the strong performance of its hospitality subsidiary, Transcorp Hotels.

“Our hospitality business remains resilient, posting stronger year-on-year performance,” Nnorom said. “We remain confident of a strong and positive outlook for the Group despite these short term challenges. We continue to pursue several initiatives in managing the FX exposures to curtail further losses.”

Founded in 2004, Transcorp owns portfolio companies in the hospitality, power, agro-allied, and the oil and gas sectors. Tony Elumelu, the Chairman of the United Bank of Africa (UBA), owns a 44 percent stake in Transcorp.