The company’s most recent audited financial statements, submitted to the Nigerian Exchange (NGX), demonstrate the effectiveness of its operational strategies and growth initiatives.
The financial data indicates substantial progress in critical areas. Revenue increased by 69 percent year-over-year, rising from N41.46 billion in 2023 to N70.13 billion.
Profit before tax surged by 138 percent, reaching N22.61 billion compared to N9.48 billion, while profit after tax escalated to N14.90 billion, up from N6.09 billion the previous year. Additionally, the company improved its financial health by lowering its gearing ratio from 17.48 percent to 9.30 percent, attributed to consistent loan repayments. Return on assets rose from 4.83 percent to 10.59 percent, and return on equity nearly doubled from 9.12 percent to 18.50 percent, underscoring robust profitability.
In alignment with its goal of enhancing shareholder value through dividends, the Board of Directors has proposed a final dividend of 64 kobo for FY 2024. If approved by shareholders at the upcoming Annual General Meeting, this will bring the total dividend to 74 kobo, following an interim dividend of 10 kobo distributed in the first half of 2024. This initiative reaffirms the company’s commitment to delivering sustainable value to its shareholders.
Emmanuel Nnorom, Chairman of Transcorp Hotels, emphasized the company’s dedication to maximizing shareholder value. “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, commented on the company's performance, highlighting its dedication to innovation, exceptional service, and ongoing growth. “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.”
A significant milestone for Transcorp Hotels is the inauguration of its new event center, which accommodates 5,000 guests and is transforming the hospitality and event hosting sector. This cutting-edge facility enhances the hotel's capability to host large conferences, exhibitions, and social gatherings, reinforcing its status as the preferred choice for both business and leisure travelers.