- Transcorp Power proposes N3.13 dividend per share for shareholders
The Nigerian Bottling Company has announced an increase in the prices of its products from Saturday, April 6, 2024, amid the high cost of doing business in the country.
A circular sent to its distributors in the Lagos region and signed by its Sales Director for Greater Lagos, Samuel Oluwatoye, said the action was taken due to the “current economic reality and operational costs driven by currency devaluation and raw material price increases, coupled with our aim to remain competitive.”
He added that the upward price adjustment affects its soft drinks packaged in Returnable Glass Bottle (RGB) and not those in polyethylene terephthalate (PET) bottles.
It was revealed that its 29cl-30cl RGB Schweppes will now be sold at a retail price of N150 and N2,300 for a pack of 24 bottles instead of the old price of N2,100.
Its 35cl RGB Coke Zero, Fanta Zero, Sprite Zero and Limca will now sell for N150 per bottle, while the 35cl RBG Sugar Coke, Fanta and Sprite will sell for N200 each and N3, 200 for a pack of 24 bottles, with the 50cl RBG Coke, Fanta, Sprite and Limca will now go for N250 per bottle and N4, 400 for a crate of 24 bottles versus its previous price of N4, 000.
NBC further disclosed in the notice that for its juice brands, the 30cl PET Pulpy Orange, Pulpy Lemon, and Mango Bits, the new price is N500 and N4,100 for a pack of 12 bottles.
The 35cl PET Tropical JD will also sell for N500, while the 78cl PET Berry Blast and Citrus Burst will sell for N1, 100 each and the pack of six bottles is now N4, 900 instead of the old price of N4, 150.
It said the 85cl PET Pulpy Orange, Pulpy Lemon, Mango Bits and 90cl PET Tropical JD will now sell for the price of Berry Blast 78cl PET.
As for its 50cl PET Eva water, the new price is N150 per bottle and N1, 150 for a pack of 12 bottles, while the 75cl PET Eva bottle is now N200 and N1, 650 for a pack of 12 bottles, with the 1.5 litres PET Eva water will now go for N300 and N2, 500 for a pack of 12 bottles.
Transcorp Power proposes N3.13 dividend per share for shareholders
Meanwhile, the Board of Directors of Transcorp Power Plc has proposed the payment of N3.13 per ordinary share as reward to shareholders for the financial year ended December 31, 2023.
The Board attributed the decision to the company’s strong financial position and commitment to rewarding investors for their support.
This is coming on the heels of its peer in the power sector, rewarding its shareholders with N8.00 per share for the same period.
On its part, Transcorp Power Plc in a notice to the Nigerian Exchange Limited on Tuesday said, “With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector. The Company which was listed on the main board of the Nigerian Exchange Limited on March 4, 2024, has continued to enjoy impressive market confidence.
“In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the Company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.”
The announcement came alongside release of its audited financial statements for the year ended December 31, 2023 sent to the NGX on Tuesday, April 2, 2024 by group company secretary, Stanley Chikwendu.
Transcorp Power posted gross earnings of N142.1 billion for the year 2023, marking a strong increase of 57.30 percent, from N90.34 billion reported in the year 2022.
Profit before tax showed similar impressive year-on-year growth, surging by 84.61 percent to N52.8 billion, from N28.6 billion reported in the previous year.
Managing Director/CEO of Transcorp Power, Peter Ikenga, was quoted to have attributed the performance to the Company’s strong operational capabilities and effective business strategies.
“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga stated.
Transcorp Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders, in line with its purpose of improving lives and transforming Africa.
Transcorp Power operates the 972 MW gas-fired Ughelli Power Plants. In 2020, the Transcorp Group acquired the 966 MW gas-fired Afam Power Plant bringing total installed capacity to approximately 2,000 MW. In 2023, executing its strategy of value chain optimisation, Transcorp Consortium invested in the Abuja Electricity Distribution Company to ensure power gets to the last mile users safely and reliably.
Transcorp Hotels delivers strong performance in 2023, records N41.5bn revenue
In the same vein, Transcorp Hotels Plc, the listed hospitality subsidiary of Transnational Corporation Plc has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records.
In its full year audited results filed with the Nigerian Exchange, Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.
The Company’s total revenue for the year ended December 31, 2023, was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36% increase.
Operating Income also grew by 50% from N8.8 billion in December 2022, to N13.1 billion in December 2023.
Profit for the year equally grew by 133% from N2.6 billion in December 2022, to N6.1 billion in December 2023.
Total Assets increased significantly by 5% from N120.5 billion in December 2022, to N126.1 billion in December 2023.
While commenting on the results, the Managing Director/CEO, Dupe Olusola, stated that the company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.
“By strategically investing in innovations that align with our growth objectives we continue to deliver these impressive numbers, beating our previous year’s records. Our considerable investments in our iconic Transcorp Hilton Abuja have been rewarded by significant increases in occupancy rates and guest satisfaction.
“We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events. This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024.
“I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience. We remain focused on our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry,” Olusola said.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp Hotels Plc. is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.
