Transnational Corporation of Nigeria Plc grew its revenue to N111.22 billion in 2021, according to the “Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income For the Year Ended 31 December 2021,” released by the company.
This is a significant increase from the N75.27 billion posted in 2020.
Similarly, the gross profit increased to N38.54 billion in 2021 from N17.38 billion recorded in 2020.
The company’s finance cost slightly decreased to N15.33 billion in 2021 from the N16.79 billion spent in the preceding year.
The company’s profit for the year jumped by 528.45% to N23.83 billion in 2021 from N3.79 billion recorded in 2020.
The earnings per share stood at 34 kobo in 2021. In 2020 the company’s earnings per share was minus 2 kobo.
TRANSCORP’S total assets rose by nearly N100 billion to N416.00 billion in 2021 from N319.21 billion in 2020. Property, plant and equipment represents 66.78% (N277.82 billion) of the total assets.
Also, the total liability increased to N269.71 billion in 2021 from N223.79 billion in 2020. Current liabilities represent 72.30% (N195.71 billion) of the total liability. Trade and other payables stood rose to N135.08 billion in 2021 from N80.19 billion in 2020.
The Board of Directors have approved the payment of N812,959,805.86 (2020:N406,479,902.93), being 2 kobo per share on the outstanding ordinary shares of 40,647,990,293 shares of 50 kobo each for the year ended 31 December 2021. This is subject to shareholders declaration of same as dividend for the year at the next Annual General Meeting(AGM). WIthholding tax at the applicable rate will be deducted at the time of payment.
Read also: List of Dividends announced in 2022, qualification and payment dates
On Friday, the share price of TRANSCORP declined by 2.73% to close at N1.07 per share. YTD it is up by 8.08%.
Transnational Corporation of Nigeria Plc (the Company or the Parent) is a public company incorporated under the Companies and Allied Matters Act (CAMA) on 16 November 2004, domiciled in Nigeria and whose shares are publicly traded. The registered office is located at 38 Glover Road, Ikoyi, Lagos, Nigeria.
The Major Shareholder is UBA Nominees Limited with 3,762,647 shares being 9.26% shareholding(2020: 9.26%)
The Group is principally engaged in the power, agro-allied, oil & gas and hospitality industry
The Company entered into a Technical and Management services agreement with Transcorp Hotels Plc, Transcorp Power Limited, and Trans Afam Power Limited. As stipulated in the signed agreement, the Company earns management fee of higher of N350 million or 5% of profit before tax of these Companies.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
