TRANSORP GROUP’S MARKET CAPITALIZATION SURGES TO MORE THAN ₦4.4 TRILLION

TRANSCORP GROUP’S REMARKABLE GROWTH

Tony Elumelu, Chairman of Heirs Holdings, celebrated Transcorp Group’s outstanding performance at its 18th Annual General Meeting. Despite a challenging business environment, the combined market capitalization of Transcorp Group on the Nigerian Exchange surged from N114 billion to over N4.4 trillion. Elumelu attributed this remarkable growth to the company’s strong corporate governance, sustainability commitment, and focus on employee well-being.

UNPRECEDENTED MARKET CAPITALIZATION GROWTH

Elumelu highlighted the extraordinary achievement of growing the Group’s market capitalization from N114 billion to over N4.4 trillion since the beginning of 2023. This growth, he emphasized, is unparalleled in the industry.

SUSTAINED DIVIDEND PAYMENTS

Transcorp Group’s consistent dividend payments for 10 consecutive years have provided shareholders with a reason to rejoice. Elumelu underscored the significance of this milestone, reaffirming the company’s commitment to value creation.

DIVERSIFICATION STRATEGY

Starting with Transcorp Hotels as its sole asset, Transcorp Group has diversified its earnings base by expanding into the power and energy sectors. The acquisition of Abuja Electricity Distribution Company (AEDC) represents a strategic addition to its power portfolio.

INVESTMENT IN THE POWER SECTOR

Elumelu emphasized the critical importance of the power sector to Nigeria’s economy and Transcorp Group’s commitment to its transformation. He highlighted the challenges facing the sector, including significant debts owed to companies like Transcorp Power.

CALL FOR GOVERNMENT INTERVENTION

Elumelu called on the federal government, particularly the Minister of Power, to intervene in addressing the pressing issues in the power sector. He stressed the need for debt settlement to prevent the collapse of the Nigerian power sector.

COMMITMENT TO VALUE CREATION

Elumelu expressed immense pride in Transcorp Group’s value creation and its position as one of Africa’s leading conglomerates. He attributed the company’s achievements to the dedication of its Board of Directors, management, and employees, as well as its focus on improving lives and transforming its sectors of operation.

Source: Techeconomy