- Shareholders of Transcorp Approve Two Kobo Dividend
Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the management of the company for their effort and commitment towards bringing the investment conglomerate back to profitability.
The shareholders who spoke during the company’s 12th yearly general meeting held in Lagos, said that the leadership of the company had showed their doggedness and hard-work which according to them has translated into returns for the shareholders as reflected in the financials which was being considered at the meeting.
Besides, shareholders also approved the stepping down of Olorogun O’tega Emerhor after ten years of service on the board as well as the appointment of President/Chief Executive Officer, Adim Jibunoh as head of the team.
Specifically, the National President, Association for the Advancement Rights Nigerian Shareholders, Dr. Faruk Umar, who spoke at the meeting, said that the management of the company kept to their words of delivering superior returns to the shareholders just as they promised in the previous meeting.
“The results we are considering today is very commendable. We have hardly ever seen a company that went from a loss position to a profit position by over 1000 per cent. This is beyond impressive. This has gone a long way to increase shareholder’s faith in the company and has proven to us that Transcorp Plc.He added :“It is even more exciting to note that shareholders will be rewarded with a total dividend payment of N812,959,820 translating to 2 kobo per share. We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this.”
The Chairman of the company, Tony O. Elumelu, while addressing shareholders, said, “Your company is truly Nigeria’s own conglomerate. It was setup to drive the nation’s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria. When Transcorp is doing well, you don’t have to check to see if Nigeria is also doing well. Their journeys are intertwined.
Elumelu assured that the management would explore the conglomerate’s oil and gas assets as well as leverage on these assets to maximise the firm’s potential in the power generation space.“The plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeria’s highest generator of Power,” he added.
The President/Chief Executive Officer , Transcorp Plc, Adim Jibunoh lauded the shareholders for their support over the years, while promising better returns in the coming years.
According to him, the company has been involved in a number of projects to ensure that shareholders enjoy real value for their investment in a near future.
Transcorp’s results for the financial year ended December 31, 2017, showed Group revenue of N80.28 billion translating into a 35 per cent revenue growth compared to its result the preceding year. Group Profit Before Tax closed the year at N12.31 billion, up from loss before tax of N5.93 billion recorded at the end of the 2016 financial year.
