Transcorp Hotel Plc is getting ready to unveil the biggest banquet centre in Abuja, boasting an expansive seating capacity of over 5,000 individuals. Management of the hotel said the new centre is poised to become the preeminent venue for many grand events.
“This state-of-the-art facility is strategically designed to
captivate and host an array of occasions, ranging from conferences and concerts
to trade fairs, fashion shows, and more,” managing director/CEO of Transcorp
Plc, Dupe Olusola told the company’s shareholders yesterday at its 2023 annual
general meeting in Abuja. “Its establishment aims to address the prevailing
challenge faced by Abuja — the limited availability of large-capacity halls,
often compelling organisers to migrate events to other cities like Lagos.” The
N10 billion facility is expected to reach completion by August 2024.
Also, the chairman, board of directors of the company,
Emmanuel Nnorom disclosed that the company has begun the construction of a
315-room Transcorp Hotels in Ikoyi, Lagos, adding that the project would
redefine luxury in the hospitality sector.
Olusola said the establishment will boast an impressive
inventory of 315 meticulously designed rooms and cutting-edge conferencing
facilities, setting a new standard for sophistication and convenience. “This
expansion initiative reflects our forward-thinking approach and proactive
stance in meeting the evolving needs of the market,” she stated.
Olusola said Nigeria is currently losing business and huge
revenue to neighbouring countries such as Ghana, Egypt, and Morocco due to the
absence of a large conference hall. “We want all businesses, all events,
similar to the side to actually come to Abuja and so it ensures that we are
able to employ more people and even deliver so much more in terms of value to
all our critical stakeholders,” he stated.
Meanwhile, shareholders of the company have approved the
disbursement of N2 billion or 20 kobo per ordinary share as final dividend for
the year-end 2023.
The gross profit for Transcorp Hotels Pic in the financial
year 2023 reached N29.8 billion, signifying a 37 per cent upturn from the N21.7
billion generated in the previous fiscal year.
Nnorom said the company’s ongoing projects aimed at
generating more revenue were responsible for the sharing of low dividends to
the shareholders.
The management said the implementation of proactive
cost-efficiency strategies and an unwavering focus on revenue generation played
pivotal roles in delivering positive outcomes for the shareholders. “This
achievement is particularly commendable given the challenging economic
conditions that impacted the company throughout 2023,” the company MD said.
A net profit margin of 15 per cent was attained in 2023,
showcasing an improvement of 6 basis points from the corresponding figure in
2022. She said this not only underscores the firm’s resilience in navigating
economic challenges but also emphasises its dedication to enhancing overall
profitability.
Within Transcorp Hotels’ financial domain, the long-term
assets span a diverse spectrum, with property, plant, and equipment commanding
999 percent, leaving the remaining 1 percent allocated to goodwill,
intangibles, and other non-current assets.
Olusola said the strategic decision to divest the entire 100
per cent stake in Transcorp Hotels Calabar adds a dynamic element to the
overall asset portfolio. “This move is particularly significant, underscoring
the company’s proactive approach to optimising its asset structure for enhanced
operational efficiency and strategic positioning in the market,” she stated.
On the other hand, a comprehensive breakdown of liabilities
revealed non-interest-bearing liabilities constituting 76 percent and
interest-bearing liabilities accounting for the remaining 24 per cent.
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