Tony Elumelu, the chairman Heirs Holdings, said despite the harsh business operating environment, Transcorp Group’s combined market capitalization on the Nigerian exchange grew from N114 billion to over N4.4 trillion.
He made the remark as an aftermath of the company’s 18th Annual General Meeting.
He said “Yesterday, at Transcorp Group’s 18th Annual General Meeting, I announced the Group’s impressive growth and financial performance for FY 2023.
“It is worthy of note, that despite continued uncertainty in our operating environment, Transcorp Group and its subsidiaries recorded increased earnings and cash flow for the year, 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 capitalization on Nigerian exchange from N114 billion to over N4.4 trillion. This is an uncommon feat in our industry!
According to Elumelu, since the companies are listed on the Nigerian Exchange, it has consistently added value and give its numerous shareholders reasons to smile to banks by its sustainable payment of dividend for 10 straight years.
“Another, remarkable milestone is our 10-year straight 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 pay-outs.
“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.”
The UBA Boss said, he invested in the Nigeria Power Sector because of its importance to the Economy. “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 recognized the significant role access to electricity will play in Africa’s transformation.”
Power is the engine behind every industrialized and develop nation. Power must therefore be prioritize 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.
“It is disheartening to witness the current situation in our industry that is crippling and impeding our sector. The Nigerian power sector is owed N2 trillion. Transcorp Power is owed N250 billion as of March 2024. We need this debt settled so the power sector in Nigeria does not collapse.”
He however called on federal government to intervene in the power sector of Nigeria. “I call on the Federal government’s intervention through the Minister of Power to tackle the significant issues in the power sector for the benefits of our people.
“I am immensely proud of Transcorp’s value creation and how we have consistently maintained our position as one of Africa’s leading conglomerates.
“Our 2023 accomplishment reflects the commitment of our Board of Directors, management staff, and all employees, as well as our dedication to improving lives and transforming our sectors of operations.
[Featured Image Credit]
