Nigeria’s largest listed conglomerate, Transnational Corporation Plc (Transcorp Group)’s Gross Earnings for 2022 has increased to N134.7 billion while Profit Before Tax stood at N30.2 billion.
The conglomerate is paying a dividend of N2 billion to its shareholders.
Transcorp has declared a dividend of 5k per share; a 150% increase over the 2021 dividend payment. Transcorp has nearly 300,000 shareholders.
The company held its 17th Annual General Meeting (AGM) virtually on Wednesday, April 26, 2023.
Transcorp continued to deliver on its year-on-year growth strategy, with a 7% increase in the Group’s total assets, growing to N442.7 billion in 2022.
The company’s power business increased its available and generated capacity from 598MW and 373MW, to 720MW and 426MW, respectively, following significant investment and rehabilitation of its generating assets.
Similarly, the Transcorp hospitality business demonstrated its growth trajectory, achieving a record average occupancy rate of 79%, with profit increasing by 172% to N4.5 billion in 2022, from N1.7 billion in the previous year, while revenue grew by 47% to N31.4 billion, from N21.4 billion in 2021.
Profit after tax for the Group declined from N23.8 billion to N16.8 billion, as a result of the provision of N7 billion for deferred tax and exceptional income of N4.5 billion recognised in 2021, derived from the consolidation of Transafam Power Limited.
Group Chairman, Tony O. Elumelu (CFR), noted that the Group recorded significant improvements across all key financial and non-financial parameters in 2022.
Speaking on the Group’s performance, Elumelu said: “2022 proved to be another strong year for Transcorp, we continued to optimize and expand our portfolio of investments, amidst a challenging operating and economic environment.
READ ALSO: Cloud gaming: UK blocks Microsoft, Activision’s $68.7bn deal
“The impact of our long-term investment approach is beginning to be appreciated by the market, with a growth in share price from N0.96 in January 2022 to N2.69 as at close of market Wednesday, April 26, 2023. And we continue to deliver to investors, with a dividend of N2 billion being paid to shareholders, representing a 150% increase over the 2021 payment.”
The year 2022 will be the 5th consecutive year of unbroken dividends payment by Transcorp, since the Elumelu-led team assumed leadership of the conglomerate.
Prior to the change in ownership and management in 2011, Transcorp had operated since inception without dividends to its shareholders.
Speaking on the Group’s performance, the President of Transcorp Group, Dr. Owen Omogiafo, stated that the Group’s success is attributable to its focus on key sectors of the economy, its commitment to investment and its ability to drive execution.
“We are strategically positioned and committed to enhanced performance, providing value-adding returns for all stakeholders, and making a positive societal impact. As we move forward, we remain fully dedicated and focused on realizing this vision. With the relentless efforts of our team, we are poised to achieve remarkable growth and success for years to come.”
Shareholders at the AGM lauded the company’s professionalism and commitment to growing value for shareholders, stressing that the fully virtual AGM is one of the many firsts Transcorp has achieved.
Transcorp Group businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Aura by Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.
- Uba Sani Signs Executive Order, raises academics’ retirement age to 65 - December 20, 2024
- Wike has no time for political Hushpuppis – Aide - December 20, 2024
- Wike gives Abuja land owners fresh ultimatum to pay C-of-O - December 20, 2024
