Transcorp, Subsidiaries Reward Shareholders with N16.33bn Interim Dividends

Kayode Tokede

Shareholders of Transnational Corporation Plc, along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have recommended  interim dividends of N16.33 billion to their shareholders for the first time in the companies’ history. 

The half-year ended June 2024 result and accounts milestone achievement reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio. 

The Transcorp and Transcorp Hotels  declared an interim dividend of N0.10kobo per share, respectively  while  Transcorp Power’s board recommended an interim dividend of N1.50kobo per share. 

In terms of value, Transcorp paid its shareholders a sum of N4.06 billion interim dividend in its half year ended June 30, 2024, while Transcorp Power’s shareholders got N11.25 billion. On the other hand, Transcorp Hotels rewarded its shareholders with  N1.02 billion as interim dividend.  

Transcorp’s interim dividend paid to shareholders matches what was paid for 2023, an affirmation of the group commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns. 

Transcorp, along with its listed subsidiaries generated N96.18 billion profit after tax in the period under review, about 224.84 per cent increase from N29.61 billion profit after tax generated in the corresponding period of 2023. 

For Transnational Corporation, its revenue grew by 114 per cent to N175.4 billion, compared to N82.1 billion in H1 2023 and its profit before tax rose by 283 per cent, amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year.

The group’s total assets grew by 18per cent, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.

Transcorp Hotels revenue closed at N29.7 billion, up 61per cent, in comparison with N18.5 billion reported in H1 2023, while  profit before Tax rose by 192per cent to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year. 

Transcorp Hotels’s occupancy grew to 81per cent in H1 2024, up from 77per cent in H1 2023 as Revenue per Available Room (RevPAR) increased by 57 per cent to N162,999 from N103,646 during the same period in 2023. 

For Transcorp Power, it achieved an impressive total revenue of N135.4 billion in H1 2024, a growth of 142per cent from N55.9 billion in H1 2023.

In terms of profits, the second  power generating company listed on Nigerian Exchange Limited (NGX) reported  a profit before tax growth of 214per cent to N50.9 billion, compared to N16.2 billion in the previous year.

The Group Chairman, Transcorp Group, Tony Elumelu, 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. 

President/Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, attributed the 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,” she said.