Shareholders of Transnational Corporation of Nigeria Plc (Transcorp), will for the first time be paid dividend on their investments in the mega company.
According to Transcorp’s Group’s audited and consolidated financial statements for the year ended December 31, 2013, the directors have already recommended a dividend of N1.93bn to be paid to shareholders on the basis of 5 kobo per share. The dividend is expected to be ratified at its Annual General Meeting slated for March 31, 2014 at the Lagos Oriental Hotel, Victoria Island, Lagos
The Group also announced a strong increase in turnover of N18.8 billion, representing a 42 per cent rise over the N13.2 billion recorded in the corresponding period in 2012. Profits before tax rose by 129 per cent from N3.9 billion in 2012 to N9.0 billion in 2013.
Transcorp President and Group Chief Executive Officer, Obinna Ufudo stated that “Our full year audited accounts reflect our commitment to our long term strategic plan, translating into strong and sustainable growth. We are excited about the achievements we recorded across our businesses within the past year.
“Our entry into the power sector has been a significant driver and we are already running ahead of our 2014 estimates. We expect significantly better results this year, as our diversification and growth strategies continue to gain momentum.”
Transcorp Chairman, Tony Elumelu said ‘We are particularly pleased to be able to recommend a dividend to shareholders for the first time in the company’s history. This is the beginning of a very bright future for all our patient and loyal shareholders.
“With the tremendous progress we have already recorded in our power business – taking the Ughelli plant’s power output from 160mw when we took over on November 1, 2013 to 360mw within three months, 2014 promises to be a very rewarding year for the company and our 300,000 shareholders.”
Transcorp is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company.
The Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors, with notable businesses including Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calaba.
Others are Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited, Nigeria’s largest power generator and Transcorp Energy Limited, operator of OPL 281.
For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.