How We Grew Transcorp Group’s Market Capitalisation To 4.4trn In 2023 – Tony Elumelu
Transcorp Group, one of the Nigerian conglomerates chairs by African business leader, Tony Elumelu has just recorded an uncommon feat.
The company, With strategic investments in the power, hospitality, and energy sectors, has been confirmed to have grown its combined market capitalisation on the Nigerian Exchange from N 114 billion to over N 4.4 trillion in just one year.
Mr Elumelu made disclosure about the development apparently giving him a great joy via posts across his social media handles today, May 28, 2024.
Speaking on the achievement he dubbed “an uncommon feat” at the company’s 18th Annual General Meeting, Mr Elumelu said: “Since the beginning of 2023 to date, we have grown our Group’s combined market capitalisation on the Nigerian exchange from N 114 billion to over N 4.4 trillion”.
His social media post, accompanied with images from the AGM, reads…
Today, at Transcorp Group’s 18th Annual General Meeting, I announced the Group’s impressive growth and financial performance for FY 2023.
It is worthy of note that despite continued uncertainty in our operating environment, Transcorp Group and its subsidiaries recorded increased earnings and cash flow for the year, driven by a strong corporate governance culture, commitment to sustainability, and our consistent focus on improving the well-being of our people.
Since the beginning of 2023 to date, we have grown our Group’s combined market capitalisation on the Nigerian exchange from N 114 billion to over N 4.4 trillion. This is an uncommon feat in our industry!
Another remarkable milestone is our 10-year streak of unbroken dividend payments. Since its listing on the NGX, Transcorp Group has consistently created value for its shareholders, marking the 10th consecutive year of steady dividend payouts.
Transcorp Group has also continued to diversify its earning base. Starting with a single asset—Transcorp Hotels—we have since expanded into the power and energy sectors.
Our expansion into Abuja Electricity Distribution Company (AEDC) marks a significant and strategic addition to our power portfolio. The highly experienced team is committed to driving successful business transformation and turnaround, a credential we are known for.
We began investing in Power because we recognised the significant role access to electricity will play in Africa’s transformation.
Power is the engine behind every industrialised and developed nation. Power must therefore be prioritised as a critical aspect of our nation’s transformation agenda. We need power to light up our homes, run businesses, and boost the output of our industries.
It is disheartening to witness the current situation in our industry that is crippling and impeding our power sector. The Nigerian power sector is owed over N2 trillion. Transcorp Power alone is owed over N250 billion as of March 2024. We need this debt settled so the power sector in Nigeria does not collapse.
I call on the Federal government’s intervention through the Minister of Power to tackle the significant issues in the power sector and unlock the value inherent in this critical sector for the benefit of our people.
Above all, I am immensely proud of Transcorp’s value creation and how we have consistently maintained our position as one of Africa’s leading conglomerates.
Our 2023 accomplishments reflect the commitment of our Board of Directors, management staff, and all employees, as well as our dedication to improving lives and transforming our sectors of operations.
I deeply appreciate everyone who has played a significant role in executing Transcorp Group’s vision – thank you.
To our customers and esteemed shareholders, thank you for your unwavering support and trust in Transcorp Group.
Transcorp shares should be your treasure—something you buy and bequeath to your children. I take considerable pride in our accomplishments in 2023, and I am confident in our ability to sustain growth and generate additional value in the future.
