Transcorp Hotels Delivers Record Performance, Increases Profit by 172%

Transcorp Hotels Plc grew its profit before tax (PBT) by 172 per cent and increased its revenue by 47 per cent to N31.4 billion last year 2022.

Speaking at its 9th Annual General Meeting (AGM) in Abuja yesterday, the Chairman of the Board of Directors, Emmanuel Nnorom, announced N1.33 billion total dividend to be paid to the shareholders of the company.

The year-on-year figure dwarfed the PBT of N1.7 billion posted in 2021.

The N1.33 billion will be paid 13 kobo per share, saying the company closed the 2022 financial year strongly.

Nnorom explained: “Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides.”

He informed the shareholders that the company would continue to drive key investments in innovation and cost efficiency, identifying hospitality tech to improve its 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,” he said.

Managing Director/CEO of Transcorp Hotels, Dupe Olusola, said: “We are excited to have delivered another exceptional year of revenue growth with a 47 per cent increase to ₦32 billion in 2022 from the ₦21.7 billion recorded in 2021. The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance.

“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.”

April 06, 2023