For bringing the company’s investment back to profitability, shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the management of the company for its effort and commitment.
The shareholders who spoke during the company’s 12th Annual General Meeting held in Lagos, said the leadership of the company had showed its doggedness and hard work which, according to them, has translated into huge returns for the shareholders as reflected in the financials, which was being considered at the meeting.
National President, Association for the Advancement Rights of Nigerian Shareholders (AANS), Dr. Faruk Umar, who spoke at the meeting, said the management of the company kept its words of delivering superior returns to the shareholders just as they promised in the previous meeting.
“The results we are considering today are very commendable. We have hardly ever seen a company that went from a loss position to a profit position by over 1000 per cent and this is beyond impressive. This has gone a long way to increase shareholder’s faith in the company and has proven to us that Transcorp Plc is doing everything to make us happy. It is even more exciting to note that shareholders will be rewarded with a total dividend payment of N813 million translating to 2 kobo per share. We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this.” he said.
Chairman of the company, Tony Elumelu, while addressing shareholders, said, “your company is truly Nigeria’s own conglomerate. It was set up 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 as their journeys are intertwined.”
Elumelu further revealed that the Transcorp team would explore the conglomerate’s oil & gas assets and to also leverage on these assets to maximize the firm’s potential in the power generation space.