Companies related to Tony Elumelu closed 2023 as one of the top performers of the year, marking a remarkable year for the billionaire investor.
Combined the companies gained a whopping N1.6 trillion in market capitalization, one of the largest gains for a group of companies owned by a billionaire on the NGX.
Transcorp Group, Transcorp Hotel, UBA, Africa Prudential, and United Capital, all listed companies, are associated with Mr. Elumelu where he has majority ownership.
The companies ended the year with a combined market valuation of N2.1 trillion compared to N467 billion at the start of the year, an astonishing N1.6 trillion in additional value.
While Elumelu does not own all of the shares in the company he controls the entities as the largest single shareholder.
He is also widely known for his promotion of Africapitalism and his philanthropic work through the Tony Elumelu Foundation.
In terms of market valuation, the companies as a group gained a combined 394% gain a massive return under the harsh economic conditions.
As with most equities listed in Nigeria, capital appreciation is achieved via impressive fundamentals, market sentiments, insider dealings, news of a potential merger and acquisition, or potentially positive corporate action.
The companies controlled by Elumelu appear to have been driven by all the factors listed above leading to an impressive performance.
In general, the companies reported a combined profit of N524.8 billion and a market valuation of about N2.1 trillion.
This represents a combined price-to-earnings multiple of around 4x largely influenced by banking behemoth, UBA.
Tony Elumelu’s flagship, United Bank for Africa (UBA), has carved an enviable position as the top-performing financial institution, experiencing a stock surge exceeding 237.5%.
United Capital, an investment firm, also recorded an impressive year-to-date return of 64%, closing the year at N138 billion in market valuation.
Where Elumelu’s companies perhaps made the biggest impressions were his Transcorp Companies, with both Transcorp Group and Transcorp Hotel leading the way with 666.9% and 1022% growth respectively.
The year, 2023 will probably go down in history as one of the best-performing years for companies related to Tony Elumelu in terms of fundamentals and capital appreciation.
One will also expect this performance to be followed with impressive dividend payments as a reward to shareholders who have kept faith by investing in the companies.
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