AGM: Transcorp Group announces N142bn revenue, N58.8bn PBT, celebrates 10 years’ unbroken dividend payment

Transnational Corporation Plc has announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023.

The group announced this at its 18th Annual General Meeting on Monday at the Transcorp Hilton Hotel, Abuja.

At the AGM, Transcorp Group confirmed excellent year-on-year growth: The  Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion.

The performance was credited to the strong results across its subsidiaries:  Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, were said to have provided over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to  N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity.

She said, “The reward for success is more work, and across our Group, we are not relenting.  We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

The Group Chairman Tony O. Elumelu, said, “Transcorp Group has not only recorded unprecedented growth, the Group has demonstrated its potential to deliver much more value to stakeholders and to our country.

“The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people.  Despite the current macro-economic challenges, the future remains an exciting one.

“Government has a critical role to play.  We remain committed to creating more value and appreciate the policies already implemented.  However, we call on the Federal Government to prioritise the crippling issues in the power sector.  The challenges in the power sector should be uppermost in our nation’s transformation agenda.  The private sector cannot thrive without improved access to electricity.  Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year.  The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year.

L-R: Independent Non-Executive Director, Victor Famuyibo; Non-Executive Director, Dr Toyin Sanni; Non-Executive Director, Emmanuel Nnorom; President/GCEO, Dr Owen D. Omogiafo, OON; Chairman, Tony O. Elumelu, CFR; Vice Chairman Dr Foluke Abdulrazaq, OON; Non-Executive Director, Dr Stanley Lawson; and Independent Non-Executive Director, Mallam Ahmadu Sambo at the 18th Annual General Meeting of Transnational Corporation Plc.

L-R: Non-Executive Director, Dr Toyin Sanni; President/GCEO, Dr Owen D. Omogiafo, OON; Chairman, Tony O. Elumelu, CFR; and Vice Chairman Dr Foluke Abdulrazaq, OON at the 18th Annual General Meeting of Transnational Corporation Plc

The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.