Transnational Corporation of Nigeria (Transcorp) has emerged the most compliant firm among the companies listed on the Nigerian Stock Exchange (NSE). The Most Complaint Listed Firm award is given by the NSE to the company that demonstrates the highest degree of compliance with the rules and regulations regarding disclosure obligations of listed companies to the exchange in particular year. Such a company is also expected to have demonstrated its recognition for the importance of corporate governance.
Transcorp won the coveted award at the weekend, beating Nigerian Breweries Plc and others.
“This award is significant. When Heirs Holdings took over Transcorp in 2011, one of the core objectives agreed was the need to transform Transcorp to be an institution with world class corporate governance in all its processes, reporting and compliance. This award is an indication of a job well done and the approval from the NSE for all the efforts made in the Group by all to achieve this,” Transcorp said at the weekend.
Since the coming of Heirs Holdings into Transcorp, the company’s fortunes have continued to improve. Shareholders of the company received a dividend of N1.9 billion for the 2013 financial year for the first time in seven years.
Hopes of the shareholders of Transcorp to receive another dividend at the end of the 2014 financial year have been raised last as the company posted a jump of 89 per cent in profit for the nine months ended September 30, 2014.
Transcorp reported profit before tax of N9.7 billion, up by 89 per cent from N5.15 billion in the corresponding period of 2013, while profit after tax improved by from N3.5billion to N8.263 billion. Total assets stood at N157 billion compared with N149.454 billion as at December as at December 31, 2103.
Commenting on the results, the Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom said, “Our third quarter 2014 results underscore our determination to achieve our full year 2014 targets. Our commitment to excellence is evident in the significant achievements we have recorded this year in our power and hospitality businesses.”