Shareholders of Transnational Corporation Plc (Transcorp Group) and its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have paid interim dividends to their shareholders for the first time in the companies’ history.
This milestone reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.
The total interim dividend paid by Transcorp Group is N4.065 billion. Transcorp Plc’s H1 2024 Results highlight show revenue grew by a significant 114%, to N175.4 billion, compared to N82.1 billion in H1 2023.
Profit Before Tax increased by 283%, amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year.
The company’s total assets grew by 18%, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
The Shareholders’ Funds also 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.
Tony O. Elumelu, CFR, Group Chairman, Transcorp Group, 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.
Owen Omogiafo, OON, President/Group Chief Executive Officer of Transcorp Group, attributed the Group’s 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.”
Similarly, Transcorp Hotels’ total interim dividend paid was N1.024 billion.
Highlights of Transcorp Hotels H1 2024 Results shows that the H1 2024 Revenue hit N29.7 billion, up 61%, in comparison with N18.5 billion reported in H1 2023.
Also 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.
The company’s 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.
The Hotel occupancy grew to 81% in H1 2024, up from 77% in H1 2023.
Also it’s revenue per available Room (RevPAR) increased by 57% to N162,999 from N103,646 during the same period in 2023.
Another Transcorp Group entity, Transcorp Power total interim dividend paid by Transcorp Power is N11.25 billion.
The key financial highlights, H1 2024 showed that 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.
The 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.
The 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.
Also, the 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.
