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In 2023, the companies under Tony Elumelu’s leadership achieved capital gains totaling N1.6 trillion

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The companies linked to Tony Elumelu concluded 2023 as standout performers, showcasing an exceptional year for the billionaire investor.

Collectively, these companies saw a staggering N1.6 trillion increase in market capitalization, a significant achievement among billionaire-owned groups on the NGX.

Notably, Transcorp Group, Transcorp Hotel, UBA, Africa Prudential, and United Capital—where Mr. Elumelu holds majority ownership—ended the year with a combined market valuation of N2.1 trillion, marking a remarkable leap from N467 billion at the beginning of the year.

Although Elumelu doesn’t possess all the shares, he commands these entities as the largest single shareholder, steering their exceptional growth despite challenges like high inflation, currency depreciation, and security concerns.

Elumelu’s businesses span various sectors, expanding from his roots in banking during the late 90s to encompass hospitality, oil and gas, financial services, banking, agro-allied ventures, power, and insurance.

The companies’ collective market valuation surged by an impressive 394%, showcasing a remarkable return in a challenging economic climate, largely propelled by strong fundamentals, market sentiments, insider dealings, and positive corporate actions.

Two companies under Elumelu, Transcorp Hotel and Transcorp Group, emerged among the top ten best-performing stocks for the year, with Transcorp Hotel achieving a staggering 1022% return—the highest among Nigerian stocks.

In terms of financials, UBA showcased exceptional performance with a 253% return, while the companies collectively reported a profit of N524.8 billion, reflecting a price-to-earnings multiple of around 4x, mainly influenced by UBA.

UBA notably soared with a 237.5% increase in stock value, displaying robust financials with a 264% rise in profit within the first 9 months of 2023 compared to the entire 2022.

Similarly, United Capital achieved a year-to-date return of 64%, recording substantial growth in market valuation and beating its previous earnings per share.

Transcorp Group and Transcorp Hotel, in particular, made significant strides with remarkable growth percentages, solidifying their positions in the market despite challenges and strategic shareholder movements throughout the year.

The performance of Elumelu’s companies in 2023 stands out as one of the most exceptional in terms of both financial robustness and market value appreciation.

This achievement sets the stage for promising dividend payments as a token of appreciation to shareholders who entrusted their investment in these companies.

 

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