The President/CEO, Transnational Corporation of Nigeria Plc, Adim Jibunoh on Monday assured shareholders of the investment conglomerates of high returns in the coming years.
Transcorp Plc recorded revenue of N80.28 billion for the year ended December 31, 2017, showing a growth of 35 per cent, from the N59.42 billion in 2016. Profit after tax stood at N1.13 billion, compared with a loss of N10.6 billion in 2016.
Speaking at the annual general meeting (AGM) in Lagos, Jibunoh thanked meeting shareholders for their support over the years and promised them even better returns in the coming years. According to him, the company has been involved in a number of projects which would ensure that shareholders begin to enjoy real value for their investment in the next few years.
Also addressing the shareholders, Chairman of Transcorp, Tony Elumelu said: â€œYour company is truly Nigeriaâ€™s own conglomerate. It was setup to drive the nationâ€™s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria.â€
He said the Transcorp team would explore the conglomerateâ€™s oil and gas assets and to also leverage on these assets to maximise its potential in the power generation space.
â€œThe plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeriaâ€™s highest generator of Power,â€ he explained.
Shareholders of the company commended the management for their efforts and commitment towards returning to profitability.
For instance, the National President, Association for the Advancement of Rights Nigerian Shareholders, Dr. Faruk Umar, said the management had kept to their words of delivering superior returns to the shareholders just as they promised in the previous meeting.
He said: â€œThe results 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 has gone a long way to increase shareholderâ€™s faith in the company. It is even more exciting to note that shareholders will be rewarded with a total dividend payment of N812,959,820 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.â€