Transcorp hotels records N70bn revenue, profit up by 144%

Transcorp Hotels PLC, the hospitality subsidiary of Transcorp Group, has announced an impressive financial performance for the 2024 fiscal year, reinforcing its position as a market leader in the industry.

The company reported in the latest audited results, submitted to the Nigerian Exchange (NGX), a 69% revenue growth from N41.46 billion in FY 2023 to N70.13 billion in FY 2024, a 138% increase in profit before tax from N9.48 billion in FY 2023 to N22.61 billion in FY 2024 and a 144% increase in profit after tax from N9.48 billion in FY 2023 to N22.61 billion in FY 2024.

The organisation said in line with its commitment to enhancing shareholder value through dividend payment, the board of directors has proposed a final dividend of 64kobo for FY 2024, which if approved by the shareholders at the company’s annual general meeting, will bring the full dividend to 74kobo, having paid an interim dividend of 10k paid at half-year 2024.

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The gearing ratio improved from 17.48% in FY 2023 to 9.30% in FY 2024, Return on assets increased from 4.83% in FY 2023 to 10.59% in FY 2024, and Return on equity grew from 9.12% in FY 2023 to 18.50% in FY 2024.

Speaking on the results, Chairman of Transcorp Hotels, Emmanuel Nnorom, said: “We remain deeply committed to enhancing shareholder value and delivering strong returns to our investors, ensuring that Transcorp Hotels continues to set the standard for hospitality excellence.

“The hospitality sector continues to be a vital contributor to Nigeria’s economy, and we are proud of Transcorp Hotels’ role in shaping the industry’s future.”

Uzo Oshogwe, the Managing Director/CEO of Transcorp Hotels, said, “Thanks to the dedication and passion of our teams, 2024 was a year of strong growth and significant milestones.

“Despite the inflation and other macro-economic challenges, we remain focused on delivering outstanding hospitality experiences, expanding our offerings, and implementing a strategy that unlocks the full potential of our business for all stakeholders.”

Transcorp Hotels further announced the completion of its new 5,000-capacity event centre, which is proving to be a game-changer in the hospitality and event hosting landscape.