AFRICAN conglomerate Transnational Corporation of Nigeria Plc (TRANSCORP) has increased its dividend 20 percent to 6 kobo in 2014 audited year end from 5 kobo paid in 2013, the conglomerates first ever dividend payout.
According to Transcorp, dividend warrants would be posted to shareholders whose names appears on the company’s register of members as at the close of business on Tuesday April 21, 2015.
The company further affirmed that for the purpose of qualifying for dividend and attendance to annual general meeting (AGM) scheduled for May 8, 2015, the register of members and transfer of books of the company will be closed from Wednesday, April 22, 2015 to Friday, 24, 2015, “both date inclusive,” the company said.
A review of the 2014 audited report of the conglomerate with interest in hotels, power and oil and gas, shows that post tax profit dipped 52.5 percent to N3.304 billion from N6.957 billion recorded year ago.
Similarly, pretax profit of Transcorp dipped 14 percent to N7.73 billion from N9.032 billion reported in the corresponding period of 2013.
Revenue more than doubled in the 2014 review period to N41.338 billion from N18.825 billion in the same period of 2013; indicating a growth of 119.6 percent.
The President/CEO, Mr. Emmanuel Nnorom said: ‘We are delighted to record an impressive performance, despite the challenges we experienced within our operating environment. We achieved significant growth in our top line and maintained our margins within acceptable limits, despite the delayed implementation of the Transitional Electricity Market (TEM), exchange rate movement and reduced occupancy arriving from security challenges and the viral epidemic in West Africa.
We are particularly impressed with the performance of our power business, which currently is producing a generating capacity of 610MW, up from 160MW at acquisition in November 1, 2013. Our ability to outperform our capacity targets agreed at privatisation, reiterates our commitment to excellence and our diversification strategy.
Going forward in 2015, we expect an even better performance across all our business focus areas, including the anticipated implementation of TEM and an increasing stability in the economy and tourist environment. Our new hotels development in Lagos and Port Harcourt are progressing well and our Agribusiness division has commenced delivery of juice concentrates to international beverage manufacturers in Nigeria. With the signing of our Production Sharing Contract (PSC) by the Nigerian National Petroleum Corporation (NNPC), our oil and gas business is on course for the drilling of its first well this year.

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