Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has reported an impressive financial performance for the 2024 fiscal year, reaffirming its position as a market leader in the industry. In its latest audited results submitted to the Nigerian Exchange (NGX), the company recorded a 69% increase in revenue and a 144% growth in Profit After Tax, highlighting its focus on operational excellence and the execution of strategic growth initiatives.
Revenue grew by 69% to N70.13 billion in FY 2024, compared to N41.46 billion in FY 2023. Profit Before Tax also saw significant growth, rising by 138% to N22.61 billion in FY 2024, up from N9.48 billion in FY 2023. Profit After Tax surged by 144%, reaching N14.90 billion in FY 2024, compared to N6.09 billion in FY 2023.
The company’s gearing ratio improved significantly, decreasing from 17.48% in FY 2023 to 9.30% in FY 2024, due to consistent principal repayment of third-party loans, demonstrating a healthy debt capacity and creditworthiness. Return on Assets increased from 4.83% in FY 2023 to 10.59% in FY 2024, while Return on Equity grew from 9.12% in FY 2023 to 18.50% in FY 2024, underscoring efficient income generation from equity.
In line with its commitment to enhancing shareholder value, the Board of Directors has proposed a final dividend of 64 kobo for FY 2024. If approved by shareholders at the company’s Annual General Meeting, this will bring the total dividend to 74 kobo, following an interim dividend of 10 kobo paid at half-year 2024. This action further emphasizes the company’s dedication to creating sustainable value for shareholders.
Emmanuel Nnorom, Chairman of Transcorp Hotels, highlighted the company’s focus on maximizing shareholder value. He expressed pride in Transcorp Hotels’ role in shaping the hospitality sector, which continues to be a significant contributor to Nigeria’s economy.
Uzo Oshogwe, the Managing Director/CEO of Transcorp Hotels, commented on the company’s commitment to innovation, exceptional service, and continuous growth. He acknowledged the dedication and passion of the company’s teams, noting that 2024 was a year of strong growth despite macroeconomic challenges such as inflation. Oshogwe emphasized that the company remains focused on delivering outstanding hospitality experiences, expanding its offerings, and implementing a strategy to unlock the full potential of its business for all stakeholders.
A key highlight for Transcorp Hotels was the completion of its new 5,000-capacity event centre, which is revolutionizing the hospitality and event hosting landscape. The state-of-the-art facility has further strengthened the hotel’s ability to host large-scale conferences, exhibitions, and social events, consolidating its status as the preferred destination for both business and leisure travellers.
