Transcorp Shareholders Demand More Dividend Payout

By Modupe Gbadeyanka

The board and management of Transcorp Plc have been charged to continue to record more achievements so as to pay bigger dividend.

This task was given by shareholders of the company during its Annual General Meeting (AGM) held last Friday in Abuja, where they approved the 3 kobo per share dividend recommended by the board for the 2018 fiscal year.

The investors stressed that when the firm records more successes, it would improve yields and then result into more cash dividend payout.

At the AGM, most of the shareholders commended the performance of the company in the 2018 financial year despite the unstable macroeconomic environment in the country.

They expressed optimism that the management will post another positive result in the present financial year.

One of the shareholders, Mr Boniface Okezie, described Transcorp’s robust corporate governance as “second to none.”

He assured the board and management of the full support of shareholders of the company as they “look forward to many more achievements this year.”

Another shareholder, who spoke at the meeting said, “We’re excited at the great strides happening in our company and look forward to greater yields in the coming year.”

Chairman of Transcorp, Mr Tony Elumelu, during his address to shareholders at the event, said, “We believe that excellent execution of our strategic priorities will be critical in our success as a company and a group and in our achievement of this purpose. Excellent execution will therefore remain our philosophy as we step into 2019.”

Speaking further, he said, “The company’s board and management are committedly working hard to ensure that we consolidate on the significant achievements recorded to date.

“As we face the challenges of the times ahead. I am convinced that our shared values of enterprise, excellence and execution provide the surest route to achieving our 2019 aspirations.”

Highlights of the 2018 financial year results showed a 94 percent growth in profit after tax (PAT) of N20.6 billion against N10.6 billion recorded in 2017.

Also, the profit before tax (PBT) increased by 82 percent to N22.4 billion from N12.3 billion, while the gross profit rose to N48.3 billion from N36.4 billion, with the operating profit appreciating to N34.6 billion from N26.0 billion.

It was observed that during the year, the rise in power generation by one of the subsidiaries of the company, the Transcorp Power Limited, improved the gross earnings by 30 percent to N104.1 billion from N80.3 billion.