Transcorp Group Delights Shareholders With N16.3bn Interim Dividends Payment
Shareholders of Transcorp Group and its subsidiaries – Transcorp Hotels Plc and Transcorp Power Plc – are evidently delighted.
This development, according to available information, is courtesy the historic payment of interim dividends they got from the companies.
The total interim dividend paid by the Nigerian conglomerate – along its listed subsidiaries – with proponent of Africapitalism, Tony Elumelu as group chairman, is put at N16.34 billion.
A breakdown of the interim dividends that is giving the shareholders of the business enterprises a great joy revealed Transcorp plc, Transcorp Power and Transcorp Hotels contributed N4 billion, N11.1 billion and N1 billion respectively.
Reacting to the payment of the huge interim dividends to shareholders for the first time in the history of the enterprises, Tony Elumelu, the group chairman of Transcorp Group, in a statement following the release of the H1 2024 results asserted: “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.”
Attributing the remarkable feat to commitment to operational excellence, strategic management of its portfolio, and innovation, the Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, said “Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long-term value to our stakeholders.”
Here Are the Highlights…
Interim Dividend paid per company
Transcorp Plc: N4,064,799,029.30
Transcorp Power: N11,250,000,000
Transcorp Hotels: N1,024,252,841.10
Total Interim Dividend Paid – N16,339,051,870.40
Highlight of Transcorp Plc’s H1 2024 Results:
▪ Revenue Growth: Significant increase of 114%, to N175.4 billion, compared to N82.1 billion in H1 2023.
▪ Profit Before Tax: 283% growth, amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year.
▪ Total Assets: Grew by 18%, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
▪ Shareholders’ Funds: Increased by 25% 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: Increased by 50% 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 FY 2023, an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Highlights of Transcorp Hotels H1 2024 Results
• H1 2024 Revenue hit N29.7 billion, up 61%, in comparison with N18.5 billion reported in H1 2023.
• Profit before Tax rose by 192%, 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% year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion 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.
Highlights of Transcorp Power H1 2024 results:
• Revenue Growth: Achieved an impressive total revenue of N135.4 billion in H1 2024, a growth of 142% from N55.9 billion in H1 2023.
• Net Finance Cost: Fell by 37% to N1.3 billion, a reduction from N2.1 billion in H1 2023.
• Profit Before Tax: Recorded a growth of 214%, to N50.9 billion, compared to N16.2 billion in the previous year.
• Total Assets: Grew by 45% to N322.9 billion as of June 30th, 2024, up from N223.3 billion at the beginning of the year, driven by robust operational performance.
• Shareholders’ Funds: Increased by 64% to N94.6 billion as of June 30th, 2024, up from N57.8 billion as of 31st December 2023, boosted by retained earnings.
