Shareholders of Transnational Company of Nigeria Plc (Transcorp) have congratulated the Board and administration for the resilient efficiency achieved in 2019, regardless of the difficult atmosphere. They welcomed the diversified earnings offered by the Group, Nigeria’s main listed conglomerate, the most important energy generator in Nigeria, operator of sub-Saharan Africa’s largest lodge and a rising pure assets participant.
Transcorp held its 14th Annual Normal Assembly (AGM) on-line, as a result of Covid19 pandemic, a company first in Nigeria. Shareholders participated within the assembly by proxies and a complete of 129 proxies representing holders of 21,450,062,121 bizarre shares of the corporate voted on the resolutions proposed by the administrators to the shareholders.
The President/Group CEO of Transcorp, Owen Omogiafo set out her strategic ambition, while additionally committing to safeguard shareholder pursuits by guaranteeing improved dividends.
Mrs. Omogiafo who was lately appointed because the Group CEO with a group of subsidiary CEOs, acknowledged that the brand new administration group is devoted to delivering and exceeding the strategic goals of the Firm, rooted in its founding imaginative and prescient and expressed in its company objective of ‘Improving Lives, Transforming Nigeria’.
She went on to say “in Hospitality, we are going to deepen and develop our market share by deploying an asset gentle technique, leveraging finest at school know-how and repeatedly drive the best service requirements. In Energy, we goal finishing the continued transaction for the 100% acquisition of one other energy plant within the fuel wealthy Niger Delta Area of Nigeria – Afam Genco, this yr.
This can improve our play within the energy house, with elevated era capability, income and profitability. Our drive to diversify our power combine may even proceed, with a deal with renewable power and off grid options. We are going to proceed to observe developments within the oil and fuel house, whereas making the perfect choices within the curiosity of the corporate and its shareholders concerning the event of our oil and fuel asset, OPL 281.
Working with the MD/CEO of Transcorp Motels Plc, Dupe Olusola and the MD/CEO, Transcorp Energy Ltd, Chris Ezeafulukwe, and all our extremely dedicated employees and companions, we’re nicely positioned as a bunch to proceed to ship nice value for our shareholders”.
In his handle to the shareholders, the Chairman, Transnational Company of Nigeria Plc, Tony O. Elumelu, CON, counseled the efforts of the federal government in combatting the scourge of COVID 19 and reiterated the significance of synergy between the personal sector and authorities, in stemming the unfold of the worldwide pandemic.
“I’ve often said that our commitment to improving lives and transforming Nigeria is a lifelong one. Those words are truer today than ever, as we partner with State and Federal authorities to stem the tide of the COVID-19 pandemic, while our businesses seek to cushion its impact for Nigerians in their course of operation.”
The assembly was the primary full digital AGM to be held by any listed firm on the Nigerian Inventory Exchange. Shareholders seen the choice to carry the AGM nearly, as an illustration of the proactiveness of the corporate, effectively and successfully channeling firm assets.
The Chairman, Progressive Shareholders Affiliation of Nigeria, Boniface Okezie stated in his feedback through the assembly, “This virtual AGM – the first of its kind for a publicly listed company in Nigeria, reflects the level of innovation and technology adoption in our company. This is truly exciting!”
Transcorp achieved a turnover of ₦76.35bn and revenue earlier than tax of N7.90bn within the yr beneath assessment. Income from its energy enterprise, Transcorp Energy Restricted declined through the interval, reflecting acute fuel provide points, transmission challenges, delay in debt fee by authorities and persevering with structural impediments within the sector. The corporate’s hospitality enterprise, Transcorp Motels Plc, then again, grew its year-on-year income by 17% and gross revenue elevated by 19%, in comparison with FY 2018.
Mrs. Omogiafo conclude by highlighting that regardless of present challenges introduced on by the worldwide pandemic, the underlining energy of the Group’s companies, the standard of its belongings, its place because the main Nigerian electrical energy producer, the proud proprietor of the Transcorp Hilton Resort in Abuja, the hospitality gateway to Nigeria and its rising energy as an efficient pure assets participant.
These ought to give shareholders nice confidence within the Group’s future. She thanked employees and administration notably for his or her dedication through the latest lockdown.