Transcorp Falls by 18% Before Earnings, Dividend Notice
Transcorp Plc declined by about 18% as investors exited their positions in the conglomerate stocks before its earnings scorecard was released. Sell pressures that lasted for three out of five trading sessions on the group stocks dragged its share price to N46.90 in the equities market.
This caused its market value to decline by 17.7% to N476.597 billion on Friday, spread over its 10.161 billion shares outstanding at a unit price of N46.90. At the current market price, Transcorp Plc is treading at 24.29% discounts to its 52-week high in the local bourse.
At the weekend, the company posted its earnings results, where it declared about 190% year-on-year growth in profitability. Details from its audited results reviewed showed that Transcorp net income increased to N94.088 billion in 2024 from N32.636 billion in the comparable year in 2023.
This surge was supported by a strong spike in top-line performance in 2024. Revenue advanced by 20% to N407.915 billion in the year from N196.989 billion in 2023. Stockbrokers said the market is more likely to react positively to the company’s earnings performance in the new week, safe for sustained negative investors’ sentiment.
Transcorp Plc.’s Board of Directors has proposed N6,097,198,543.95 or 60 kobo per share, as the final dividend, bringing the total dividend for 2024 to N10,161,997,574 or N1.00 per share on the outstanding ordinary share of 10,161,997,573 shares of 50 kobo each for the year ended 31 December 2024.
In 2023, the company paid N4,064,799,029.30 or 10 kobo, pre-capital reconstruction. # Transcorp Falls by 18% Before Earnings, Dividend Notice Parallel Market Premium Disappears as Naira Exchange Rates Converge
