In a landmark move, Transcorp Group has announced an unprecedented interim dividend payment totaling N16.33 billion to its shareholders. This historic distribution highlights the group’s robust financial health and its commitment to delivering substantial value to its investors.
Transcorp Group, renowned for its diversified portfolio, encompasses several subsidiaries, including Transcorp Hotels and the recently established Transcorp Power. This dividend payout is a first in the company’s history and underscores the strength of its varied business interests.
The dividend breakdown is as follows:
– **Transcorp Power:** N11.25 billion
– **Transcorp Hotels:** N1.024 billion
– **Transcorp Group:** N4.065 billion
The payment of these interim dividends signifies the company’s confidence in its future and its dedication to providing sustained value to shareholders. It also reflects the resilience and strength of Transcorp Group’s diversified operations.
In response to this significant achievement, Group Chairman Tony Elumelu emphasized, “Transcorp exemplifies delivering a vision, executing with operational excellence, and consistently creating the transformative impact we are known for. We are building to last, across key sectors in Nigeria.”
Additionally, the President and Chief Executive Officer of Transcorp Group credited this milestone to the group’s strategic portfolio management, unwavering commitment to operational excellence, and continual innovation, which have collectively driven its remarkable growth.
Here are some key highlights
Transcorp Hotels has reported impressive financial performance for the first half of 2024, marking a significant increase across several key metrics. The company’s profit before tax surged by an extraordinary 192%, reaching N10.5 billion compared to N3.6 billion from the previous year.
In terms of revenue, Transcorp Hotels generated N29.7 billion for H1 2024, reflecting a robust 61% increase from the N18.5 billion reported for the same period last year. Additionally, the profit after tax also saw a substantial rise, reaching N6.6 billion—a 157% increase from the N2.6 billion reported the previous year.
Similarly, Transcorp Power’s financial results have shown exceptional growth. The company’s profit before tax soared by 214%, totaling N50.9 billion, up from N16.2 billion the previous year.
Revenue for Transcorp Power reached N135 billion, a notable 142% increase from last year’s figure of N55.9 billion. These impressive results highlight the significant progress and operational success achieved by both subsidiaries.
