At Transcorp Group’s 18th Annual General Meeting, Chairman Tony Elumelu announced the Group’s impressive growth and financial performance for FY 2023.
Despite continued uncertainty in the operating environment, Transcorp Group and its subsidiaries recorded increased earnings and cash flow for the year. This success was driven by a strong corporate governance culture, a commitment to sustainability, and a consistent focus on improving the well-being of our people.
From the beginning of 2023 to date, Transcorp Group’s combined market capitalization on the Nigerian Exchange has grown from N114 billion to over N4.4 trillion—an extraordinary achievement in our industry.
A remarkable milestone celebrated at the AGM was the Group’s 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.
Transcorp Group has also continued to diversify its earning base, expanding from its initial asset, Transcorp Hotels, into the power and energy sectors. The recent acquisition of Abuja Electricity Distribution Company (AEDC) marks a significant and strategic addition to our power portfolio.
“We began investing in power because we recognized the significant role access to electricity plays in Africa’s transformation. Power is the engine behind every industrialized and developed nation. It must be prioritized as a critical aspect of our nation’s transformation agenda,” said Tony Elumelu.
However, the current situation in the power sector is disheartening, with the Nigerian power sector 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,” Elumelu emphasized, calling for Federal government intervention through the Minister of Power to tackle the significant issues and unlock the value inherent in this critical sector for the benefit of our people.
Elumelu expressed immense pride in Transcorp’s value creation and its consistent position as one of Africa’s leading conglomerates. The accomplishments of 2023 reflect the commitment of the Board of Directors, management staff, and all employees, as well as a dedication to improving lives and transforming sectors of operation.
“I deeply appreciate everyone who has played a significant role in executing Transcorp Group’s vision. To our customers and esteemed shareholders, thank you for your unwavering support and trust in Transcorp. Transcorp Group shares should be your treasure—something you buy and bequeath to your children. I take considerable pride in our accomplishments in 2023 and am confident in our ability to sustain growth and generate additional value in the future,” Elumelu concluded.
