By Modupe Gbadeyanka
The board of Transnational Corporation of Nigeria (Transcorp) Plc on Friday recommended the payment of 3 kobo per share final dividend to shareholders of the company for the year ended December 31, 2018.
The firm proposed the final dividend payment after releasing its 2018 full year financial results to the Nigerian Stock Exchange (NSE).
In the period under review, Transcorp grew its profit after tax by 95 percent to N20.627 billion from N10.607 billion in FY 2017.
Also, the profit before tax appreciated to N22.402 billion as at December 31, 2018 from N12.306 billion as at December 31, 2017.
Revenue generated by the firm in 12 months further rose to N104.163 billion from N80.285 billion, while the gross profit increased to N48.252 billion from N36.424 billion, with the operating profit going up to N34.649 billion from N26.032 billion.
Transcorp said in its results that its cost of sales in the 2018 fiscal year went up to N55.910 billion from N43.861 billion 12 months earlier, while the administrative expenses also going up to N14.600 billion from N11.755 billion, with the other operating income reducing to N997.196 million from N1.360 billion.
The finance cost in the period under review stood at N9.579 billion against N9.671 billion, while the finance income ended at N499.463 million versus N498.259 million a year earlier.
Transcorp further said its foreign exchange loss on financing activities, including interest-bearing loans and borrowings, was N3.168 billion in FY 2018 compared with N4.554 billion in FY 2017.
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