By Adesola Afolabi
Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the management of the company for their effort and commitment towards bringing the investment conglomerate back to profitability.
The shareholders who spoke during the company’s 12th Annual General Meeting which was held in Lagos on Monday said that the leadership of the company had shown their doggedness and hard-work which according to them has translated into huge returns for the shareholders as reflected in the financials which was being considered at the meeting.
Faruk Umar, the national president, Association for the Advancement Rights Nigerian Shareholders, who spoke at the meeting, said that the management of the company kept to their words of delivering superior returns to the shareholders just as they promised in the previous meeting.
He said, “The results we are considering today is very commendable. We have hardly ever seen a company that went from a loss position to a profit position by over 1000%. This is beyond impressive. This has gone a long way to increase shareholder’s faith in the company and has proven to us that Transcorp Plc. It is even more exciting to note that shareholders will be rewarded with a total dividend payment of N812,959,820 translating to 2 kobo per share. We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this.”
Transcorp’s results for the financial year ended December 31, 2017, showed that Group Revenue hit N80.28bn translating into a 35% revenue growth compared to its result the preceding year. Group Profit Before Tax closed the year at N12.31bn, this is a huge leap compared to Loss Before Tax of N5.93bn which was recorded at the end of the 2016 financial year.
Tony O. Elumelu, chairman, Transnational Corporation of Nigeria Plc, while addressing shareholders, said, “Your company is truly Nigeria’s own conglomerate. It was set up to drive the nation’s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria. When Transcorp is doing well, you don’t have to check to see if Nigeria is also doing well. Their journeys are intertwined.
The chairman also said that the Transcorp team would explore the conglomerate’s oil & gas assets and to also leverage on these assets to maximize Transcorp’s potential in the power generation space. “The plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeria’s highest generator of Power,” he explained
Adim Jibunoh, the President/CEO, Transcorp Plc, who also addressed shareholders at the meeting thanked the shareholders for their support over the years while promising them even better returns in the coming years. According to him, the company has been involved in a number of projects which will ensure that shareholders begin to enjoy real value for their investment in the next few years.
At the meeting, shareholders approved the stepping down of Olorogun O’tega Emerhor after ten years serving on the board as well as the appointment of President/CEO, Adim Jibunoh as head of the team.
Frontpage September 9, 2019