Transcorp Group, subsidiaries pay interim dividends of N16.4b
Transnational Corporation Plc (Transcorp Group), along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, has paid interim dividends of N16.4 billion to their shareholders for the first time in the companies’ history.
A breakdown of the interim dividend figure for the three listed firms showed that Transcorp Plc declared an interim dividend of N4.06 billion, while Transcorp Power and Transcorp Hotel paid N11.25 billion and N1.02 billion.
Further breakdown of the companies half year (H1) performance showed that Transcorp Plc achieved 114 per cent growth in revenue to N175.4 billion, from N82.1 billion recorded as at December 2023, while Profit Before Tax (PBT) rose by 283 per cent from N18.5 billion to N70.9 billion.
Its total assets stood at N625 billion, representing 18 per cent increase when compared to N529.9 billion in December 2023. The company’s shareholders’ funds also increased by 25 per cent from N187.3 billion to N234.4 billion due to profit accreting to retained earnings.
Similarly, Transcorp Hotels Plc’s H1 2024 showed 61 per cent increase in revenue to N29.7 billion from N18.5 billion recorded in the corresponding period in 2023.
The company’s PBT also from N3.6 billion to N10.5 billion representing 192 per cent increase while PAT grew by 157 per cent year-on-year to N6.6 billion compared to N2.6 billion recorded during the same period last year.
The firm’s occupancy also increased to 81 per cent higher than 77 per cent in 2023. For Transcorp Power Plc, its revenue within the period hits N135.4 billion, representing a growth of 142 per cent from N55.9 billion in H1 2023 while PBT stood at N50.9 billion, up from N16.2 billion recorded in the previous year representing 214 per cent growth.
Reacting on the performance, Group Chairman, Transcorp Group,Tony O. Elumelu said: “Transcorp exemplifies 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.
Also speaking, the President/Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, attributed the Group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.
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