By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) Friday proposed a five (5) kobo first time dividend since listing its shares on the Nigerian bourse.
The company in a letter to the Nigerian stock exchange (NSE) dated February 28, 2014 and signed by Chinedu Eze, company secretary, Transcorp said following resolutions passed at the meeting of its board of directors held February 07, 2014 they are recommending a five kobo per share dividend for its shareholders.
Transcorp said if approved at its forthcoming annual general meeting (AGM), payment of the dividend will be made on Tuesday April 01, 2014 and the qualifying date shall be Friday March 07, 2014.
According to the conglomerate, the board gave its approval to the 2013 audited annual accounts and it further authorised the chairman, president/chief executive officer and the chief finance officer to sign the accounts on behalf of the board.
Transcorp says AGM date is Monday March 31, 2014, while the register of members and transfer books of the company will be closed from March 10, 2014 to March 14, 2014, both days inclusive for the purpose of updating the register of members.
As earlier reported by InvestAdvocate, Transcorp notified the NSE mid December 2013 that it will pay its shareholders dividend for the first time since listing on November 23, 2006, sequel to a written resolution on December 11, 2013; where members of the board of company met and unanimously resolved to pay investors dividend at the end of the 2013 financial year end.
The conglomerate in 2013 issued rights of 12,906,999,142 ordinary shares of 50 kobo each at N1.00 per share and listed same on the daily official list (DOL) of the NSE.
Transcorp was incorporated on the November 17, 2004 in response to the need to establish a mega corporation by Nigerian investors.
A review of the groups 2013 audited accounts shows that profit for the year increased from 2.527 billion naira in 2012 end to 6.957 billion naira in the review period of 2013, indicating an increase of 175.3 percent.
Profit before tax (PBT) also grew from 3.948 billion in 2012 audited year end to 9.032 billion in 2013 end; representing a growth in the groups PBT of 129 percent.
While revenue went up by 42.13 percent as the conglomerate recorded 18.825 billion in 2013 end compared to 13.244 billion declared in 2014 end.
