Transcorp’s profit nearly triples to N94bn, dividend rises

Transnational Corporation Plc, chaired by tycoon Tony Elumelu, posted a profit after tax of N94.09 billion last year, up from N32.64 billion in 2023.

The conglomerate’s revenue more than doubled to N407.92 billion from N196.99 billion, according to its earnings report released on Saturday.

Its directors proposed dividend of N1.00 per ordinary share, up from 10 kobo for the previous year.

“The proposed dividend will be presented to shareholders for approval at the next Annual General Meeting and paid subsequently subject to withholding tax at an appropriate rate. The full-year dividend of N10.1bn proposed by management shall be paid first from the net dividend income of NGN7.73bn received during the year from subsidiaries and other investments before being paid from other sources,” said Transcorp, whose subsidiaries include Transcorp Hotels and Transcorp Power.