Tony Elumelu
Shareholders of Transnational Corporation of Nigeria Plc (Transcorp), have commended the management for their effort and commitment towards bringing the investment conglomerate back to profitability.
The shareholders, who spoke during the company’s 12th yearly general meeting in Lagos, on Monday, said the leadership had showed their doggedness and hard-work, which according to them translated to returns for the shareholders as reflected in the financials, which was considered at the meeting.
Besides, shareholders also approved the stepping down of O’tega Emerhor, as director after 10 years of service on the board as well as the appointment of President/Chief Executive Officer, Adim Jibunoh as head of the team.
Specifically, the National President, Association for the Advancement Rights Nigerian Shareholders, Dr. Faruk Umar, who spoke at the meeting, said Transcorp management kept their words to deliver superior returns to the shareholders as they promised in the previous meeting.
He said: “The result we are considering today is very commendable. We have hardly ever seen a company that went from a loss position to a profit position by over 1000 per cent. This is beyond impressive. This has gone a long way to increase shareholder’s faith in Transcorp Plc.
“It is even more exciting to note that shareholders will be rewarded with a total dividend payment of N812.96million translating to two kobo per share. We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this.”
The Chairman of the company, Tony O. Elumelu, while addressing shareholders, said: “Your company is truly Nigeria’s own conglomerate. It was setup to drive the nation’s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria.
When Transcorp is doing well, you don’t have to check to see if Nigeria is also doing well. Their journeys are intertwined.
Elumelu assured that the management would explore the conglomerate’s oil and gas assets as well as leverage on these assets to maximise the firm’s potential in the power generation space.
“The plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeria’s highest generator of power,” he added.
The President/Chief Executive Officer, Transcorp Plc, Adim Jibunoh, lauded the shareholders for their support over the years, while promising better returns in the coming years.
He said the company has been involved in a number of projects to ensure that shareholders enjoyed real value for their investment in the near future.
Transcorp’s results for the financial year ended December 31, 2017, showed Group revenue of N80.28billion translating into a 35 per cent growth compared to the preceding year.
Source: G Business
