Having reported N4.5 billion profit before tax (PBT) from its 2022 operation, the shareholders of Transcorp Hotel have approved N1.33 billion at 13 kobo per share dividend payout.
The Shareholders also at the 9th Annual General Meeting, commended the management of Transcorp Hotels Plc for the superlative performance recorded in 2022, while also appreciating the myriad of awards in 2022 as a testament to its leadership and quality of its offerings as the leading Africa’s hospitality provider.
Transcorp Hotels reported a 172 percent rise year-on-year in PBT from N1.7 billion reported in 2021. The Company also reported a 47 percent growth in revenue to N31.4 billion in 2022 as against N21.7 billion reported in 2021.
Dupe Olusola, Managing Director, Transcorp Hotels Plc said the hospitality brand is excited to have delivered another exceptional year of growth
She attributed the revenue and profit growth to the full-fledged return of the International Business Travel segment of the business and the continued strong leisure demand.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is a result of the detailed execution of our strategy, our out-of-the-box approach, our nimbleness, and our unswerving commitment to delivering value to all our stakeholders.”
The Chairman, Emmanuel Nnorom said the company benefitted from its continued focus on strategic financial management in addition to firm discipline in capital allocation, making swift investment decisions, and capturing all economic upsides.
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He stated that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies”.
“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the Transcorp Hotels Chairman said.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies that is redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp).
The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar.
The hospitality brand listed on the Nigerian Exchange Group (NGX) has continued to reinforce its position as a leader in the industry, winning 16 awards in 2022, including five World Travel Awards won by Transcorp Hilton Abuja and the most Outstanding hospitality brand of the year won by Transcorp Hotels Plc.
The Company has also continued to strengthen its business and invest for the future through strategic expansion. It is developing a world-class event center at the Transcorp Hilton premises in Abuja. Another development, Transcorp Hilton Ikoyi, is expected to commence in Lagos soon.
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