Transnational Corporation of Nigeria Plc (Transcorp) has announced it will pay a dividend for the first time in its history. This announcement is contained in the Group’s audited and consolidated financial statements for the year ended December 31, 2013. The Directors recommended a dividend of N1.93 billion to be paid to shareholders on the basis of 5 kobo per share.

In a statement yesterday in Lagos, Transcorp also announced a strong increase in turnover, of N18.8 billion, representing a 42% rise over the N13.2 billion recorded in the corresponding period in 2012. Profits before tax rose by 129% from N3.9 billion in 2012 to N9.0 billion in 2013.

President and Group Chief Executive Officer, Mr. Obinna Ufudo stated: “Our full year audited accounts reflect our commitment to our long term strategic plan, translating into strong and sustainable growth. We are excited about the achievements we recorded across our businesses within the past year. Our entry into the power sector has been a significant driver and we are already running ahead of our 2014 estimates. We expect significantly better results this year, as our diversification and growth strategies continue to gain momentum.”

According to Transcorp Chairman Tony O. Elumelu, “We are particularly pleased to be able to recommend a dividend to shareholders for the first time in the company’s history. This is the beginning of a very bright future for all our patient and loyal shareholders. With the tremendous progress we have already recorded in our power business – taking the Ughelli plant’s power output from 160mw when we took over on November 1, 2013 to 360mw within 3 months – 2014 promises to be a very rewarding year for the company and our 300,000 shareholders.”

Transcorp also announced that its Annual General Meeting will be held on March 31, 2014 at the Lagos Oriental Hotel, Victoria Island, Lagos.

•Photo shows Transcorp Chairman, Tony Elumelu.

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