Transcorp posts N41.3 billion gross earnings, declare 6kobo dividend
Transnational Corporation of Nigeria Plc (Transcorp) has announced gross earnings of N41.3billion in its 2014 operations against N18.8 billion achieved in 2013.
Specifically, the company’s gross earnings increased from N18.8 billion to N41.3 billion while group-operating profit also grew from N10.2 billion to N13.6 billion in 2014.
Speaking during the company’s 9th yearly general meeting held in Abuja recently, the Chairman of the Board of Directors Tony O. Elumelu explained that the gross earnings increased from N18.8 billion to N41.3 billion was a reflection of the first full year of earnings from the power business.
Elumelu explained that the company has resolved continue to deliver maximum value to shareholders to enable them recoup part of the investment lost during the recession.
“Transcorp’s shareholders are generally long term shareholders and we know that in the past, those shareholders have lost money. We have our work cut out for us to help them recover that money and our focus is on planting seeds to grow the company through re-investment of profits among other measures.
“We have achieved consistency in dividend delivery and corporate stability and now we are turning our focus to growth.”
Besides, shareholders unanimously approved the 2014 dividend of six kobo per share.
Also speaking at the event, the Group President/CEO Emmanuel N. Nnorom explained that the company would focus on initiatives that would help accelerate the growth of the company in the next financial year.
“Our focus early on was turnaround and stabilization and this year’s results reiterate this commitment. Now, our focus is on growth.
“From hospitality to power, agribusiness to energy, we are blazing a trail in the sectors in which we operate and our ability to deliver in the face of strong economic headwinds, as we witness more stability in the economy, we will be able to perform ever better.”
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