Transcorp Hotels Reports N70 Billion Revenue for 2024
Transcorp Hotels Plc has reported a N70 billion revenue for the 2024 financial year, reflecting a 69% increase from the previous year. The hospitality subsidiary of Transcorp Group also recorded a 144% growth in Profit After Tax, driven by operational efficiency and strategic expansion efforts.
According to the audited financial results submitted to the Nigerian Exchange (NGX), the company improved its gearing ratio from 17.48% in 2023 to 9.30% in 2024, owing to consistent principal repayments of third-party loans. Additionally, the return on assets rose from 4.83% in 2023 to 10.59% in 2024, demonstrating improved financial health.
In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of 64 kobo per share for the 2024 financial year. If approved at the company’s Annual General Meeting (AGM), this will bring the total dividend payout for the year to 74 kobo, including the 10 kobo interim dividend already distributed at half-year.
Chairman of Transcorp Hotels, Emmanuel Nnorom, reaffirmed the company’s dedication to maximizing shareholder returns and maintaining hospitality excellence. He emphasized the company’s role in Nigeria’s economic growth and its continued leadership in the sector.
Managing Director/CEO Uzo Oshogwe attributed the strong performance to innovation, exceptional service delivery, and strategic growth initiatives. She noted that despite economic challenges such as inflation, the company remained focused on expanding its offerings and enhancing customer experiences.
A major highlight for 2024 was the completion of a state-of-the-art 5,000-capacity event center, further solidifying Transcorp Hotels’ position as a premier destination for business conferences, exhibitions, and social events. The new facility enhances the hotel’s ability to host large-scale gatherings, reinforcing its reputation as a top choice for both business and leisure travelers.
