BY OLUSHOLA BELLO and TOLUWALASE OLADIPO, Lagos
Transnational Corporation of Nigeria (Transcorp) Plc has expressed optimism that the firm is well positioned for sustainable growth and profitability as key investments begin to reflect in its operations.
Chairman of Transcorp, Tony Elumelu disclosed this at the 15th annual general meeting (AGM) in Abuja, yesterday.
Also, the shareholders approved a dividend of 10 kobo per share for the year ended December 31, 2020. They applauded the management of the company for increasing shareholders value on investment.
Speaking to shareholders, Elumelu said, “The pandemic significantly affected our business performance, particularly within the hospitality segment. Despite these challenges, the company remained resolute in its plan to achieve its long-term growth agenda and deliver value to its shareholders.”
He said, “As at the time we invested in the company, the main line of business was the hotel but today, we have invested more than $120 million to refurbish and rehabilitate the hotel because we are long-term investors.”
Also, president/Group CEO of the company, Owen Omogiafo stated that “our hospitality business started the year 2020 with a very strong performance. However, the outbreak of the COVID-19 pandemic with its attendant impact resulted in a dip in our performance.”
According to her, in spite of the challenging operating environment created by the COVID-19 pandemic, the management of the company worked assiduously to position the company for a better performance in 2021.