Shareholders at the 10th Annual General Meeting (AGM) of Transcorp Hotels Plc have reiterated their faith in the company and its management following the approval of a N2 billion dividend and the company’s ongoing expansion plan which will further position it to tap the $107.77 billion global luxury hotel market in 2024.
Transcorp Hotels is currently constructing a new world-class 5,000-capacity event centre that is expected to open before the end of 2024. The centre, which will expand its asset base, is purpose-built to host both local and international events and exhibitions. The Company is also developing a 315-room 5-star hotel at the heart of Ikoyi, Lagos. Through the property, Transcorp Hotels will position it to be able to further tap into the global luxury hotel market, estimated to expand to $107.77 billion in 2024, reaching $157.59 billion by 2029.
Speaking at the AGM held Monday, Olatunde Okelana, a longtime shareholder of the Company expressed his excitement at the year-on-year growth and his confidence in the future growth of the Company. “I have watched this Company grow in leaps and bounds over the years. Returns to shareholders are growing impressively every year, and we owe this to our experienced board and excellent management. I am excited about what the future holds for our Company,” Okelana said.
Another shareholder Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values of Excellence, Execution and Enterprise. “The triple Es have been the bedrock of the business and have yielded profit.”
Transcorp grew its revenue by 36.2 per cent to N41.46 billion in 2023 from N30.44 billion in 2022, while gross profit grew 37 per cent to N29.79 billion from N21.74 billion in 2022. Profit before tax grew by 104.8 per cent to N9.48 billion from N4.63 billion in 2022.
Emmanuel Nnorom, Chairman, Board of Directors remarked, “Our exceptional performance in 2023 underscores our unwavering commitment to excellence and sustainable growth. Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”
Dupe Olusola, Managing Director stated that 2023 was a year of exceeding performance during which the company leveraged increased demand to set new operational and financial records.
“By strategically investing in opportunities that align with our growth objectives, we have achieved impressive outcomes. Our business expansion has been propelled by reinforcing our capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for all our stakeholders,” Dupe Olusola said, adding that the positive momentum created by the Company’s successful strategy offers confidence for its 2024 outlook and beyond.
She acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hard work.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors. Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels.
