Shareholders of Transcorp Group smile, get N16.34bn interim dividends
CHIGOZIE AMADI
Shareholders of Transnational Corporation Plc (Transcorp Group), alongside its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have paid interim dividends to their shareholders for the first time in the companies’ history.
This milestone reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.
Total Interim Dividend paid by Transcorp Group: N4.065 billion
Highlight of Transcorp Plc’s H1 2024 Results:
Revenue Growth: Significant increase of 114%, to N175.4 bn, compared to N82.1 bn in H1 2023.
.Profit Before Tax: 283% growth, amounting to N70.9 bn in H1 2024, compared to N18.5 bn in the same period last year.
.Total Assets: Grew by 18%, from N529.9 bn in December 2023 to N625.1 bn in H1 2024.
.Shareholders’ Funds: Increased by 25% from N187.3 bn in December 2023 to N234.4 bn at the end of H1 2024 due to profit accreting to retained earnings.
.Operating Expenses: Increased by 50% period to N21.2 bn in H1 2024, reflecting the impact of inflation and cost of operations. 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.
Meanwhile, Tony O. Elumelu, CFR, Group Chairman, Transcorp Group, in a statement following the release of the H1 2024 results stated: “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.
In her reaction, Owen Omogiafo, OON, President/Group Chief Executive Officer of Transcorp Group, attributed the Group’s remarkable 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.”
Transcorp Hotels
total interim dividend paid by Transcorp Hotels: N1.024 bn
Highlights of Transcorp Hotels H1 2024 results
•H1 2024 Revenue hits N29.7 bn, up 61%, in comparison with N18.5 bn reported in H1 2023.
•Profit Before Tax rose by 192%, amounting to N10.5 bn in H1 2024, compared to N3.6 bn during the same period last year.
* Profit After Tax grew by 157% year-on-year to N6.6 bn in H1 2024, compared to N2.6 bn during the same period last year.
* Occupancy grew to 81% in H1 2024, up from 77% in H1 2023.
* Revenue per Available Room (RevPAR) increased by 57% to N162,999 from N103,646 during the same period in 2023.
Transcorp Power
Total interim dividend paid by Transcorp Power: N11.25 bn
Key Financial Highlights, H1 2024:
* Revenue Growth: Achieved an impressive total revenue of N135.4 bn in H1 2024, a growth of 142% from N55.9 bn in H1 2023.
•Net Finance Cost: Fell by 37% to N1.3 bn, a reduction from N2.1 bn in H1 2023.
* Profit Before Tax: Recorded a growth of 214%, to N50.9 bn, compared to N16.2 bn in the previous year.
* Total Assets: Grew by 45% to N322.9 bn as of June 30th, 2024, up from N223.3 bn at the beginning of the year, driven by robust operational performance.
* Shareholders’ Funds: Increased by 64% to N94.6 bn as of June 30th, 2024, up from N57.8 bn as of 31st December 2023, boosted by retained earnings.
