Transcorp Shareholders, Subsidiaries Receive N16.339bn Interim Dividend

Shareholders of Transnational Corporation (Transcorp) Plc, along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc received N16.339 billion interim dividends.

These Companies for the first time in their history paid shareholders an interim dividend. This milestone reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.

Transcorp paid N4.065 billion or 10 kobo per share interim dividend, Transcorp Power’s shareholders received N11.250 billion or N1.50 per share, while Transcorp Hotels paid N1.024 billion or 10 kobo per share interim dividend.

Highlights of Transcorp H1 2024 results showed that revenue increased by 114 per cent to N175.4 billion, compared to N82.1 billion in H1 2023. Profit before tax rose by 283 per cent to N70.9 billion in 2024 compared to N18.5 billion in the same period last year. Total Assets grew by 18 per cent from N529.9 billion in December 2023 to N625.1 billion in H1 2024, while shareholders’ funds increased by 25 per cent from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024.

For Transcorp Hotels, H1 2024 revenue hit N29.7 billion, up 61 per cent, in comparison with N18.5 billion reported in H1 2023. Profit before tax rose by 192 per cent to N10.5 billion in 2024, compared to N3.6 billion during the same period last year, while profit after tax grew by 157 per cent year-on-year to N6.6 billion in H1, compared to N2.6 billion during the same period last year.  Occupancy grew to 81 per cent in H1 2024, up from 77 per cent in H1 2023.

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Meanwhile, Transcorp Power’s revenue grew to N135.4 billion in H1 2024, a growth of 142 per cent from N55.9 billion in H1 2023. Net finance cost fell by 37 per cent to N1.3 billion, a reduction from N2.1 billion in H1 2023.

Profit before tax recorded a growth of 214 per cent to N50.9 billion compared to N16.2 billion in the previous year. Total assets grew by 45 per cent to N322.9 billion as of June 30, 2024, up from N223.3 billion at the beginning of the year, driven by robust operational performance.

Shareholders’ funds increased by 64 per cent to N94.6 billion as of June 30, 2024, up from N57.8 billion as of December 31, 2023, boosted by retained earnings.

Speaking on the Group H1 results, group chairman, Transcorp Group, Tony Elumelu said that, “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 remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation, saying that “Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long-term value to our stakeholders.”