Shareholders of Transnational Corporation Plc (Transcorp Group), along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have received interim dividends of N4.065bn for half year 2024.
This was contained in the half year result of the group which recorded N175.4 billion revenue, an
increase of 114%, compared to N82.1 billion recorded in half year 2023.
The payment of interim dividends was coming for the first time in the companies’ history.
According to the group, this milestone reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.
The result further indicated that profit before tax grew by 283% amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year.
Similarly the total assets grew by 18%, from N529.9 billion in December 2023 to N625.1 billion in H1 2024 while shareholders’ fund increased by 25% from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings.
Also operating expenses increased by 50% period to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations.
The group stated that 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.
Group Chairman, Transcorp Group, Tony O. Elumelu, commenting on the results 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.
President/Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, attributed the Group’s growth to its commitment to operational excellence, strategic management of its portfolio, and innovation.
“Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long-term value to our stakeholders.”
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