Transcorp assures shareholders of improved dividend

Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have been assured of improved dividend as the management unveils new strategic vision for the conglomerate

The President/Group Chief Executive Officer (CEO) of Transcorp, Owen Omogiafo, gave the assurance at the company’s Annual General Meeting (AGM), held online where a total of 129 proxies representing holders of 21,450,062,121 ordinary shares of the company, participated and voted on the resolutions proposed by the directors to the shareholders

Mrs Omogiafo who was recently appointed as the Group CEO with a team of subsidiary CEOs, stated that the new management team is dedicated to delivering and exceeding the strategic objectives of the Company, rooted in its founding vision and expressed in its corporate purpose of ‘Improving Lives, Transforming Nigeria’.

“In Hospitality, we will deepen and expand our market share by deploying an asset light strategy, leveraging best in class technology and continuously drive the highest service standards. In Power, we target completing the ongoing transaction for the 100% acquisition of another power plant in the gas rich Niger Delta Region of Nigeria – Afam Genco, this year.

“This will enhance our play in the power space, with increased generation capacity, revenue and profitability. Our drive to diversify our energy mix will also continue, with a focus on renewable energy and off grid solutions.  We will continue to monitor developments in the oil and gas space, while making the best decisions in the interest of the company and its shareholders regarding the development of our oil and gas asset, OPL 281.

In his address to the shareholders, the Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, CON, commended the efforts of the government in combatting the scourge of COVID 19 and reiterated the importance of synergy between the private sector and government, in stemming the spread of the global pandemic.

“I’ve often said that our commitment to improving lives and transforming Nigeria is a lifelong one. Those words are truer today than ever, as we partner with State and Federal authorities to stem the tide of the COVID-19 pandemic, while our businesses seek to cushion its impact for Nigerians in their course of operation.”

The meeting was the first full virtual AGM to be held by any listed company on the Nigerian Stock Exchange. Shareholders viewed the decision to hold the AGM virtually, as a demonstration of the proactiveness of the company, efficiently and effectively channeling company resources. The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie said in his comments during the meeting, “This virtual AGM – the first of its kind for a publicly listed company in Nigeria, reflects the level of innovation and technology adoption in our company. This is truly exciting!”

Transcorp achieved a turnover of N76.35 billion and profit before tax of N7.90 billion in the year under review. Revenue from its power business, Transcorp Power Limited declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector. The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17 per cent and gross profit increased by 19 per cent, compared to FY 2018.

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