Nigeria's Transcorp Power to pay out $21.3m in dividends
TLDR
- Transcorp Power to distribute interim dividend of N1.50 per share for H1 2024, totaling N34.7 billion in payouts.
- Dividends to be given to shareholders on the register of members as of August 6, 2024.
- Company's total dividend distribution for 2024 amounts to N11.25 billion, with a payout ratio of 30.6%.
Transcorp Power, which was listed on the NGX in March, will distribute an interim dividend of N1.50 per share for the first half of 2024. This takes its total payout to N34.7 billion ($21.3 million), in addition to the final dividend of N24.5 billion for the fiscal year 2023.
The dividends will be distributed to shareholders whose names appear in the register of members at the close of business on August 6, 2024. Based on its 2024 half-year net profit of N36.8 billion, the company’s dividend distribution of N11.25 billion represents a payout ratio of 30.6%.
Combining its FY 2023 net profit of N30.23 billion with a final payout of N24.5 billion, Transcorp Power will have distributed 51.8% of its publicly declared net profit as dividends.
Key Takeaways
Transcorp Power was listed on the NGX by way of introduction, with 14 entities holding 100% of its shares. Among these, seven entities hold 98.46% of the company’s total shareholding, while the remaining 1.52% is held by seven other entities. The group's net profit for the first half of 2024 is 22% higher than the N30.23 billion net profit posted for FY 2023. Despite this significant increase, the announced interim dividends translate to a dividend yield of only 0.4%, which is relatively modest given the size of the shares.
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