Transnational Corporation Plc (Transcorp Group), along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc have paid their shareholders interim dividends totaling N16.33billion, the first time in the companies history
Transcorp Group paid N4.065 billion interim dividend, Transcorp Hotels (N1.024 billion) while Transcorp Power paid N11.25 billion interim dividend.
This milestone reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.
Read also: Tinubu approves use of NNPC dividends for petrol subsidy, halts 2024 interim payments
Tony O. Elumelu, Group Chairman, Transcorp Group, in a statement following the release of the H1 2024 results stated: “Transcorp exemplifies delivering a vision, executing through operational excellence and consistently creating the transformative impact that we are renowned for. We are building to last, across key sectors in Nigeria.
Owen Omogiafo, president/group Chief Executive Officer of Transcorp Group, attributed the Group’s remarkable growth to its commitment to operational excellence, strategic management of its portfolio, and innovation. “Transcorp Group and its subsidiaries remain firmly committed to delivering exceptional and long-term value to our stakeholders.”
Here are highlight of Transcorp Plc’s H1 2024 results
Revenue Growth: Significant increase of 114 percent, to N175.4 billion, compared to N82.1 billion in H1 2023.
Profit Before Tax: 283 percent growth, amounting to N70.9 billion in H1 2024, compared to N18.5 billion in the same period last year.
Total Assets: Grew by 18 percent, from N529.9 billion in December 2023 to N625.1 billion in H1 2024.
Shareholders’ Funds: Increased by 25 percent from N187.3 billion in December 2023 to N234.4 billion at the end of H1 2024 due to profit accreting to retained earnings.
Operating Expenses: Increased by 50 percent period to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations. The interim dividend paid to shareholders matches what was paid for FY 2023, an affirmation of Transcorp’s commitment to rewarding its shareholders progressively, as its long-term investments yield impressive returns.
Highlights of Transcorp Hotels H1 2024 Results
H1 2024 Revenue hit N29.7 billion, up 61 percent, in comparison with N18.5 billion reported in H1 2023.
Profit before Tax rose by 192 percent, amounting to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year.
Profit after Tax grew by 157 percent year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion during the same period last year.
Occupancy grew to 81 percent in H1 2024, up from 77 percent in H1 2023.
Revenue per Available Room (RevPAR) increased by 57 percent to N162,999 from N103,646 during the same period in 2023.
Transcorp Power key financial highlights in H1 2024
Revenue Growth: Achieved an impressive total revenue of N135.4 billion in H1 2024, a growth of 142 percent from N55.9 billion in H1 2023.
Net Finance Cost: Fell by 37 percent to N1.3 billion, a reduction from N2.1 billion in H1 2023.
Profit Before Tax: Recorded a growth of 214 percent, to N50.9 billion, compared to N16.2 billion in the previous year.
Total Assets: Grew by 45 percent to N322.9 billion as of June 30, 2024, up from N223.3 billion at the beginning of the year, driven by robust operational performance.
Shareholders’ Funds: Increased by 64 percent to N94.6 billion as of June 30, 2024, up from N57.8 billion as of December 31, 2023, boosted by retained earnings.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
