Abuja, Nigeria
Tony Elumelu, chairman of the Transcorp Group, says the company has grown its combined market capitalisation to N4.4 trillion in the 2023 financial year.
Elumelu stated this at Transcorp Group’s 18th Annual General Meeting AGM) on Monday.
“Yesterday at the Transcorp Group’s 18th Annual General Meeting, I announced the Group’s impressive growth and financial performance for FY 2023,” he said.
He said it was worthy of note that despite continued uncertainty in our operating environment, the group and its subsidiaries recorded increased earnings and cash flow for the year, which he said was driven by a strong corporate governance culture, commitment to sustainability, and our consistent focus on improving the well-being of our people.
“Since the beginning of 2023 to date, we have grown our Group’s combined market capitalisation on the Nigerian exchange from N 114 billion to over N 4.4 trillion. This is an uncommon feat in our industry!
“Another remarkable milestone is our 10-year streak of unbroken dividend payments. Since its listing on the NGX, Transcorp Group has consistently created value for its shareholders, marking the 10th consecutive year of steady dividend payouts”.
He added that Transcorp Group has also continued to diversify its earning base. Starting with a single asset—Transcorp Hotels—we have since expanded into the power and energy sectors.
“Our expansion into Abuja Electricity Distribution Company (AEDC) marks a significant and strategic addition to our power portfolio. We began investing in Power because we recognised the significant role access to electricity will play in Africa’s transformation.”
Elumelu also said the power sector is the engine behind every industrialised and developed nation, saying “Power must therefore be prioritised as a critical aspect of our nation’s transformation agenda. We need power to light up our homes, run businesses, and boost the output of our industries”.
He said Transcorp Group shares should be the treasure of Nigerians—“something buy and bequeath to your children. I take considerable pride in our accomplishments in 2023, and I am confident in our ability to sustain growth and generate additional value in the future.
He further stated that the sector was being owed, and added that Transcorp alone was being owed N250 billion.
“It is disheartening to witness the current situation in our industry that is crippling and impeding our power sector. The Nigerian power sector is owed over N2 trillion. Transcorp Power alone is owed over N250 billion as of March 2024. We need this debt settled so the power sector in Nigeria does not collapse.
“I call on the Federal government’s intervention through the Minister of Power to tackle the significant issues in the power sector and unlock the value inherent in this critical sector for the benefit of our people.”
