Inflation: Transcorp’s operating expenses surge 50% to N21.2b in H1 2024

Transnational Corporation (Transcorp) Plc on Monday said its operating expenses increased by 50 per cent to N21.2 billion in the first half (H1) of 2024.

Transcorp disclosed this in a statement, on Monday, where it highlighted the H1 2024 report, explaining that the surge in operating expenses reflects the impact of inflation and the cost of operations.

“Operating expenses increased by 50% to N21.2 billion in H1 2024, reflecting the impact of inflation and the cost of operations,” the statement read.

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“The interim dividend paid to shareholders matches what was paid for FY 2023, an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.”

The company added that it paid a total interim dividend of N4.06 billion, while its subsidiaries, Transcorp Power and Transcorp Hotels, paid an interim dividend of N11.25 billion and N1.02 billion, respectively.

“Shareholders of Transnational Corporation Plc (Transcorp Group), along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have paid interim dividends to their shareholders for the first time in the companies’ history,” the company said.

“This milestone reflects our commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.

The group recorded revenue growth of N175.4 billion — 114 per cent higher compared to N82.1 billion in H1 2023.”

Chairman of the Group, Tony Elumelu, in his address, said the group signifies delivering a vision, executing “through operational excellence and consistently creating the transformative impact that we are renowned for.”

“We are building to last across key sectors in Nigeria,” the group chairman, Elumelu said.