Transcorp Hotels proposes 37 kobo dividend

Transcorp Hotels Plc has declared a dividend of 37 kobo per share for the year ended December 31, 2014.

In a notice announcing the proposal and published on the Nigerian Stock Exchange’s website on Monday, the company said the closure date for the dividend was March 30, 2014.

The proposal will be presented to the company’s shareholders at its Annual General Meeting on April 15 and if approved by the shareholders, the dividend will be paid on April 17.

The company’s Board of Directors declared the dividend following the release of its audited financial statements for the year ended December 31, 2014.

The financial statements, however, showed that the company recorded declines in its profit and revenue.

Revenue for the year under review at N15.105bn was 1.6 per cent lower than the N15.349bn it generated a year earlier.

Profit before tax fell from N6.122bn in 2013 to N4.540bn in the year under review, while profit after tax dropped from N4.409bn to N3.221bn in the year under review.

Transncorp Hotels had in January this year listed its entire 7.6 billion ordinary shares of 50 kobo each at N10 per share on the NSE for trading.

The listing of the company via initial public offering on the Exchange had boosted the market capitalisation of the listed equities by N76bn and helped it close on a positive note for the second time this year. (Read more)