Transcorp: Shareholders approve bonus share of 1 for 20

Shareholders of Transcorp plc last Friday April 29, 2016 lauded the conglomerate for its financial performance in 2015 despite the difficult operating environment globally and domestically.

During the company’s annual general meeting (AGM) which held in Calabar, the shareholders approved the board’s proposed bonus issue of 1 ordinary share for 20 ordinary shares held by every shareholder, and also the Group’s annual report for 2015.

The Group recorded N40.75billion in gross earnings for the FY 2015.  Profit Before Tax (PBT) for the year ended 2015 was N3.32billion. The Group total asset was N202.9billion showing an increase of 19% compared to N171billion in 2014.

Tony Elumelu, chairman, Transcorp plc was pleased with the results despite the very challenging operating environment in 2015.

He further stated that: “The company remains steadfast in her efforts to consolidate on the significant achievements recorded to date and will continue to explore opportunities that will lead to the creation of significant value for all stakeholders in the coming years.”

Also speaking at the AGM, Emmanuel Nnorom, president/Chief Executive Officer said that “Transcorp Plc made good progress on delivering on our strategy in the period. The Group continues to improve operational and cost effectiveness as well as explore opportunities to expand our product offering. Furthermore, the Group continues to benefit from our ongoing investment in all our subsidiaries and new business lines, which enhances Transcorp Plc’s offering and positions us for further growth.

“Our long-term value creation for our shareholders is our target which will come from the diversification plans, which includes the construction of new hotels in Lagos and Port Harcourt, Ongoing installation of new turbines at Transcorp Power Plant, all which will result to an increased capacity after completion. The future of our company is very bright, considering the strategic path being undertaken by the Board.” he added.

Speaking at the meeting, one of the shareholders, Peter Ajudua commended the management and Board of the conglomerate for navigating the firm during the difficult economic environment in the country.