Transcorp hotel declares N2bn dividend at 20k per share

Transcorp Hotels Plc has announced a dividend payout of N2.05 billion for the year ended December 31, 2023, at 20 kobo per ordinary share for its shareholders

The Chairman of the Board of Directors of the hotel company, Emmanuel Nnorom, stated this at the hotel’s 10th annual general meeting in Abuja on Monday.

He said, “The group recorded an impressive gross revenue of N41.5 billion, showcasing a substantial growth trajectory that outpaced the previous year’s revenue of N31.4 billion.”

According to him: “This impressive growth led to Transcorp Hotels PLC being the best-performing stock on the Nigeria Exchange, with a price-to-earnings ratio of 228.0, and with price growth significantly higher than the hospitality industry average movement of 4.4% and the market average movement of 7.4%.

The chairman noted that the accomplishments of the year 2023 stand as a testament to the collective efforts of the company’s dedicated team, adding that “A total dividend of N2.05 billion at 20kobo per share has been approved for shareholders.

Also speaking to newsmen on the sidelines of the meeting, the company’s Managing Director and CEO, Dupe Olusola, said, “We grew our share price just by the continued belief that the shareholders have in us that the ability for us to deliver and our track record shows that we have delivered, and they are also very optimistic and confident that we will continue to deliver. We did exceptionally well.”

She also disclosed that the company will launch a 5,000 capacity Events Centre in August this year, noting that  ‘It would boost revenue generation because Nigeria right now, are losing business to neighbouring countries, Ghana, Egypt, and Morocco. We want all businesses, all events similar to that size, to actually come to Abuja.”