Details: Transcorp Group , Subsidiaries In Historic Dividends Payment

Transcorp group and its listed subsidiaries – Transcorp Hotels plc and Transcorp Power plc have recorded historic feats.

The companies are making shareholders smile to the bank to the tune of N16,339,051,870.40 according to information available in their half- year 2024 financial results.

They recorded this milestone with the payment of interim dividends to their shareholders,  for the first term in the history of the companies.

A breakdown of the combined interim dividends paid to shareholders reveal what each company shelled out as; Transcorp Plc – N4,064,799,029.30, Transcorp Power- N11,250,000,000 and Transcorp Hotels – N1,024,252,841.10.

Group Chairman, Tony Elumelu attributes the profitability to efforts in “building to last across key sectors in Nigeria”.

The highlights of the half-year 2024 financial results of Transcorp plc which recorded the payment of N4.065billion interim dividends to shareholders, show a significant rise in revenue to N175.4 billion ( 114% up) compared to N18.5 billion in the same period in 2023, profit before tax soared to N70.9 billion (283% growth) in contrast to N18.5 billion in the same period last year, shareholders’ funds grew to N234.4 billion (25% higher) from N187.3 billion in December 2023 – with profit accreting to retained earnings listed as a factor, total assets recorded a 18% increase from from N529.9 billion in December 2023 to N625.1 billion in half-year 2024..

Added revelation indicate that, in reflecting the impact of inflation on cost of operations, operating expenses jumped by 50% to N21.2 billion in the half-year 2024 financials.

The interim dividends paid by Transcorp plc to shareholders in half year 2024 matches what was paid for full year 2023 – showing commitment to progressive returns in rewarding shareholders.

“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.’ Goup Chairman Elumelu explained the enormous increase in value adding subsidiaries. 

The figures that arrived at the N1.024billion interim dividends paid by Tanscorp Hotels with Dupe Olusola as Chief Executive Officer are very telling, on how well the leading hospitality brand is doing.

Disclosures in the half-year financial results revealed an outstanding run with revenue hitting N29.7 billion (61% up) compared to N18.5 billion reported in the same period last year, profit before tax grew to N10.5 billion (192% rise) against N3.6 billion recorded last year, profit after tax increased by 157% year-on-year to N6.6 billion outperforming the N2.6 billion during the same period last year.

Transcorp Hotels occupancy which rose by 80% in half-year 2024 compared to the 77% increase recorded in half year 2023, and revenue per available room (revpar) rising to N162,999billion (57%) from N103,646billion during the same period last year – further validated the profitability.

The highlights in the financials also heavily attest to Tanscorp Power’s strong finish in half-year 2024, and continuation of retained earnings, with the N11.25b interim dividend paid as one of the bright spots.

The “essential service” provider posted an outstanding revenue growth of N135.4 billion (142% up) from from N55.9 billion in half year 2023, profit before tax showed a 214% increase from N16.2 billion in the previous year to N50.9 billion, net finance cost fell from N2.1billion to N1.3billion (37% down), total assets recorded a rise to N322.9 billion as of June 30th, 2024 ( 45% up) from N223.3 billion at the beginning of the year while shareholders funds also increased to N94.6 billion ( 64%) as of June 30th, 2024 –  from N57.8 billion as of 31st December 2023.

Transcorp power leveraged retained earnings in posting the impressive results, Information at hand revealed.

Providing insight into the group’s outstanding financials, Transcorp Group’s  President – and Group Chief Executive officer(GCEO) -, Owen Omogiafo attributed it to 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 declared.