Collective Interim Dividend Of N16.34bn As Transcorp Group’s Shareholders Gain
…hospitality giant saw its revenue leap by 61 percent, reaching N29.7billion, profit before tax rose by an astounding 192 percent
…Transcorp Plc: N4.064bn, Transcorp Power: N11.250bn, Transcorp Hotels: N1.024bn
In an unprecedented move, shareholders of Transnational Corporation Plc (Transcorp Group) and its subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, are basking in the glow of an extraordinary financial windfall, as the multilateral group announced a collective interim dividend payout of N16.34 billion, the first time in over a decade history of Nigeria’s conglomerate.
A statement by the Group described the interim dividends payment as momentous testament to the Group’s unwavering commitment to generating sustained shareholder value through operational excellence and strategic investments.
Leading the charge is Transcorp Plc, which has distributed an impressive N4.065 billion in interim dividends, affirming the conglomerate’s position as a beacon of financial resilience in Nigeria’s corporate landscape.
With remarkable strides across its key sectors, the Group’s first half results for 2024 revealed robust growth and profitability, underscored by a staggering 114 per cent revenue increase to N175.4 billion.
This exceptional performance is further accentuated by a 283 per cent surge in profit before tax, rising to N70.9 billion, and a notable 18 per cent expansion in total assets, reaching N625.1billion.
The press release quoted Mr. Tony Elumelu, Group Chairman of Transcorp Group, as saying that the interim dividends payment was a historic achievement, highlighting the company’s enduring commitment to long-term growth.
“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,” he remarked, reflecting on the Group’s exceptional trajectory.
Also commenting, Mr. Owen Omogiafo, President and Group Chief Executive Officer of Transcorp Group, echoed Elumelu’s sentiments, attributing the Group’s success to strategic management and innovation. “Our performance speaks to our dedication to delivering exceptional and long-term value to our stakeholders,” Omogiafo stated.
The Group’s subsidiaries have also shone brightly in the period under review. Transcorp Hotels Plc, which delivered a total interim dividend of N1.024 billion, posted remarkable half-year results for 2024.
The hospitality giant saw its revenue leap by 61 percent, reaching N29.7billion, while its profit before tax rose by an astounding 192 percent to N10.5billion.
Occupancy rates and revenue per available room (RevPAR) also improved significantly, signaling the hotelier’s sustained growth in a highly competitive hospitality market. Meanwhile, Transcorp Power Plc, responsible for the largest slice of the interim dividend pie at N11.25billion, recorded similarly robust financial results.
The power subsidiary saw its revenue climb by 142 per cent to N135.4 billion, while profit before tax surged by 214 percent to N50.9billion. Furthermore, Transcorp Power’s total assets expanded by a significant 45 percent to N322.9 billion, a reflection of its continued dominance in the energy sector.
“This milestone interim dividend payout—equally matched to the full-year dividend of 2023— serves as a resounding affirmation of Transcorp Group’s commitment to rewarding its shareholders progressively as its investments mature and yield formidable returns.
“As the Group forges ahead with its mission of delivering transformative impact across Nigeria’s key economic sectors, shareholders and stakeholders alike have every reason to be confident in the enduring promise of Transcorp’s growth story,” says an elated shareholder of the conglomerate.
