Shareholders approve N1.9bn Transcorp dividend

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.