Transnational Corporation of Nigeria Plc (Transcorp) held its Ninth Annual General Meeting at the Congress Hall of the Transcorp Hilton Abuja. Shareholders approved the annual account and the re-appointment of retiring Board Members.
In his address, Chairman of the Board of Directors Tony O. Elumelu, CON, highlighted the operational excellence that has guided Transcorp’s turnaround from takeover in 2010, to super performer in the years following under the current leadership —indicating that gross earnings increased from N18.8 billion to N41.3 billion — a reflection of the first full year of earnings from the power business. Group operating profit also grew from N10.2 billion to N13.6 billion in 2014.
Shareholders unanimously approved the 2014 Annual account and consolidated financial statements. Based on the result achieved in 2014 and in view of the positive business prospects for the current financial year, a dividend of 6 kobo per share was also approved.
Transcorp Plc Group President/CEO Emmanuel N. Nnorom explained: “The story of Transcorp is a standout among conglomerates in Nigeria and one that gets better each day. Our focus early on was turnaround and stabilization and this year’s results reiterate this commitment. Now, our focus is on growth. From hospitality to power, agribusiness to energy, we are blazing a trail in the sectors in which we operate and our ability to deliver in the face of strong economic headwinds, as we witness more stability in the economy, we will be able to perform ever better.”
The Company has shown it is on track to deliver on its growth and expansion plans, as it achieved N27.6 billion in gross profit and N7.7 billion in profit before tax in 2014. This is in spite of a sizeable exchange loss on foreign currency loans in the power business, capital market volatility, and lower average occupancy in the hospitality business.
Mr. Elumelu was optimistic, saying: “Transcorp’s shareholders are generally long term shareholders and we know that in the past, those shareholders have lost money. We have our work cut out for us to help them recover that money and our focus is on planting seeds to grow the company through re-investment of profits among other measures. We have achieved consistency in dividend delivery and corporate stability and now we are turning our focus to growth. This AGM reiterates our commitment to creating sustainable value for all stakeholders.”