Transnational Corporation of Nigeria plc (Transcorp) proposes to pay dividend for the first time in its history. This is contained in the Group’s audited and consolidated financial statements for the year ended December 31, 2013 where the directors recommended a dividend payout of N1.93billion to be paid to shareholders on the basis of 5 kobo per share.
The Group announced a strong increase in turnover of N18.8 billion, representing a 42% rise over the N13.2 billion recorded in the corresponding period in 2012. Profits before tax rose by 129% from N3.9 billion in 2012 to N9.0 billion in 2013.
Obinna Ufudo, president and group chief executive officer, Transcorp plc stated: ‘Our full year audited accounts reflect our commitment to our long term strategic plan, translating into strong and sustainable growth. We are excited about the achievements we recorded across our businesses within the past year. Our entry into the power sector has been a significant driver and we are already running ahead of our 2014 estimates. We expect significantly better results this year, as our diversification and growth strategies continue to gain momentum”.
Transnational Corporation of Nigeria plc is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company.
Tony Elumelu, chairman Transcorp said: “We are particularly pleased to be able to recommend a dividend to shareholders for the first time in the company’s history.
