Transcorp’s shareholders commend return to profitability

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.

This is just as they approved ₦813 million dividend recommended by the Board of Directors, translating to 2 kobo per share. The shareholders who spoke during the company’s 12th Annual General Meeting, which was held in Lagos yesterday, said that the leadership of the company had showed their doggedness and hard-work, which according to them, has translated into huge returns for the shareholders as reflected in the financials, which was considered at the meeting.

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.

He said, “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. It is even more exciting to note that shareholders will be rewarded with a total dividend payment of ₦813 million 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.”

Transcorp’s results for the financial year ended December 31, 2017, showed that Group Revenue hit ₦80.28 billion, translating into a 35 per cent revenue growth compared to its result the preceding year. Group profit before tax closed the year at ₦12.31 billion, a huge leap compared to loss before tax of ₦5.93 billion, which was recorded at the end of the 2016 financial year. Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, while addressing shareholders, said, “Your company is truly Nigeria’s own conglomerate.

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