Transcorp to pay N2b dividends as revenue hits N135 billion
Shareholders of TransNational Corporation of Nigeria(TRANSCORP), yesterday, approved a total dividend of N2 billion, translating to five kobo per share for the 2022 financial year.
Addressing shareholders at the 17th virtual yearly general meeting of the company, the Group Chairman, Tony Elumelu, said key investments are beginning to yield meaningful results.
According to him, the company’s power business increased its available and generated capacity from 598 megawatts (MWs) and 373MWs to 720MW and 426MWs, respectively following significant investment and rehabilitation of its generating assets.
He said Transcorp’s hospitality business has achieved a record average occupancy rate of 79 per cent, with profit increasing by 172 per cent to N4.5 billion in 2022, from N1.7 billion in the previous year. Its revenue grew by 47 per cent to N31.4 billion, from N21.4 billion in 2021.
The profit after tax of 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. The gross earnings increased to N134.7 billion and profit before tax to N30.2 billion.
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. 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 the close of the market yesterday.
“And we continue to deliver to investors, with a dividend of N2 billion being paid to shareholders, representing a 150 per cent increase over the 2021 payment.”
The company has recorded the fifth consecutive year of unbroken dividends payment since the Elumelu-led team assumed the leadership of the conglomerate. Transcorp had operated from inception without dividend payout.
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