Share­hold­ers ap­prove N1.9bn Transcorp div­i­dend

Daily Trust - - BUSINESSS -

Share­hold­ers of Transna­tional Cor­po­ra­tion of Nigeria (Transcorp) have ap­proved the 5 kobo div­i­dend per share rec­om­mended by the board for the year ended De­cem­ber 31, 2013.

The div­i­dends, which amounted to a to­tal of N1.93 bil­lion, was ap­proved by the share­hold­ers at the an­nual gen­eral meet­ing held in La­gos, re­cently.

Speak­ing yes­ter­day at the 8th an­nual gen­eral meet­ing, the Chair­man of the Board of Di­rec­tors Tony Elumelu said 2013 was a trans­for­ma­tional year for the group.

He noted that Transcorp achieved very strong fi­nan­cial and op­er­at­ing re­sults in full year 2013, as ev­i­denced by growth in key per­for­mance in­di­ca­tors for the com­pany, as well as con­sol­i­dated re­sults of its sub­sidiaries.

“Our man­age­ment has be­gun to show the re­sults of dis­ci­pline and share­hold­ers have be­gun to see their re­wards,” he said.

In its fi­nan­cial year 2013, the com­pany recorded gross earn­ings of N25.23 bil­lion, rep­re­sent­ing an in­crease of 60 per cent over pre­vi­ous year’s gross earn­ings of N15.81 bil­lion.

The com­pany’s gross earn­ings in­creased in 2013 by 41 per cent from N4.80 bil­lion in 2012 to N6.78 bil­lion. This im­pres­sive gross earn­ings growth trans­lated into sig­nif­i­cant op­er­at­ing profit for the group as 2013 profit be­fore tax of N9.03 bil­lion rep­re­sented 129 per cent growth over 2012 profit be­fore tax of N3.95 bil­lion.

Com­pany’s 2013 profit be­fore tax of N3.19 bil­lion in­creased by 11 per cent from N2.88 bil­lion achieved in 2012.

In 2013 the group’s to­tal as­sets of N149.46 bil­lion grew by 50 per cent, well ahead of the N99.56 bil­lion to­tal as­sets recorded last year.

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