Shareholders of Transnational Corporation Plc (Transcorp Group), along with 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.
Shareholders of Transcorp Plc, Transcorp Hotels Plc and Transcorp Power Plc are full of excitement as they were paid a total N16.340 billion interim dividends for the half year ended June 30, 2024.
Shareholders of Transcorp Group got an interim dividend of N4.065 billion for the half year ended June 30, 2024 after it recorded a revenue of N175.4 billion, compared to N82.1 billion in H1 2023, representing an increase of 114 per cent.
Profit before tax grew by 283 per cent, amounting to N70.9 billion, compared to N18.5 billion in the same period of 2023, total assets increased by 18 per cent, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
Shareholders’ Funds: Increased by 25 per cent from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings, operating expenses rose by 50 per cent period to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations.
The interim dividend paid to shareholders matches what was paid for the full year of 2023, an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Transcorp Hotels’ interim dividend for the period under review stood at N1.2024 billion with a revenue of N29.7 billion, up 61 per cent from N18.5 billion reported in H1 2023, profit before tax rose by 192 per cent, amounting to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year.
Profit after tax grew by 157 per cent year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion during the same period last year just as occupancy grew to 81 per cent, up from 77 per cent in comparison with half year 2023 while Revenue per Available Room (RevPAR) increased by 57 per cent to N162,999 from N103,646 during the same period in 2023.
The impressive report also spread to Transcorp Power as it paid a N11.25 billion interim dividend with an impressive revenue of N135.4 billion in H1 2024, representing 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 comparable period of 2023.
Total Assets for the period under review 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 while shareholders’ funds increased by 64 per cent to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of December 31, 2023, boosted by retained earnings.
Group Chairman, Transcorp Group, Tony Elumelu, in a statement following the release of the half year 2024 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”.
In his contribution, Owen Omogiafo, 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,” Omogiafo said.
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