Transnational Corporation of Nigeria has announced a profit before tax of N7.7 billion for the financial year ended December 31, 2014.
A statement from the company Wednesday, said its gross profit stood at N27.6 billion for the financial year, while group operating profit also grew from N10.2 billion to N13.6 billion in 2014.
The company explained in the statement that the results has shown it is on track to deliver on its growth and expansion plans, in spite of a sizeable exchange loss on foreign currency loans in the power business, capital market volatility, and lower average occupancy in the hospitality business.
The statement quoted the Chairman of the company, Mr. Tony Elumelu, as saying that shareholders approved the annual account and the re-appointment of retiring board members.
Elumelu, who spoke in Abuja, highlighted the operational excellence that has guided the company’s turnaround from takeover in 2010, to super performer in the years following under the current leadership.
According to him, the gross earnings increased from N18.8 billion to N41.3 billion in the review period, a reflection of the first full year of earnings from the power business.
He explained that based on the result achieved in 2014 and in view of the positive business prospects for the current financial year, a dividend of six kobo per share was also approved.
Transcorp Group President, Mr. Emmanuel N. Nnorom, stressed that the story of Transcorp is a standout among conglomerates in Nigeria and one that gets better each day.
“Our focus early on was turnaround and stabilization and this year’s results reiterate this commitment. Now, our focus is on growth. From hospitality to power, agribusiness to energy, we are blazing a trail in the sectors in which we operate and our ability to deliver in the face of strong economic headwinds, as we witness more stability in the economy, we will be able to perform ever better.”
He pointed out that shareholders are generally long term shareholders, who might have lost money in the past.
“We have our work cut out for us to help them recover that money and our focus is on planting seeds to grow the company through re-investment of profits among other measures.
“We have achieved consistency in dividend delivery and corporate stability and now we are turning our focus to growth. This AGM reiterates our commitment to creating sustainable value for all stakeholders,” he added.