Transcorp Hotels Plc has approved a total dividend payout of ₦7.57 billion for the 2024 financial year, marking a significant milestone in the company’s stellar financial performance. The dividend includes an interim dividend of 10 kobo and a final dividend of 64 kobo per share, bringing the total to 74 kobo per share, a 270% increase from the 20 kobo paid in 2023.
The announcement was made at the company’s 11th Annual General Meeting (AGM) in Abuja, where shareholders also received updates on the hotel group’s impressive 2024 financials. Following the announcement, Transcorp Hotels’ share price rose 7.13% to ₦145, reinforcing investor confidence.
The company recorded a 69% increase in revenue, growing from ₦41.46 billion in 2023 to ₦70.13 billion in 2024. Profit Before Tax (PBT) surged by 138% to ₦22.61 billion, while gross profit reached ₦49.72 billion, reflecting a 67% year-on-year growth. Its stock price jumped by 65% in 2024, closing at ₦116 on December 31, 2024.
Chairman Emmanuel Nnorom credited the success to strategic pricing, effective cost management, and a commitment to enhancing guest experiences. He also announced the successful opening of a 5,000-seater events center, the largest in Nigeria, expected to boost revenue through rentals, catering, and hospitality services.
Managing Director/CEO Uzoamaka Oshogwe emphasized the company’s customer-centric approach, highlighting sustained demand in the corporate, international, and leisure travel markets, as well as a rebound in the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector.
She revealed the company plans to improve guest experiences through technology-driven personalization, ensuring seamless check-ins and curated in-room experiences. These efforts have positioned Transcorp Hotels as TripAdvisor’s top-rated hotel in Nigeria for guest satisfaction and value since July 2024.
Looking ahead, the company is focused on expansion projects in Lagos and Abuja, optimizing its 84% average occupancy rate across 670 rooms. Its total assets rose by 12% to ₦140.7 billion, with property, plant, and equipment accounting for 84%, reflecting its commitment to strategic investments.
Transcorp Hotels also reaffirmed its commitment to sustainability, having reduced its carbon footprint by an estimated 25% through renewable energy initiatives and eco-friendly practices. Quoting a 2024 Booking.com survey, Nnorom noted that 78% of travelers prefer sustainable accommodations, reinforcing the importance of this approach.
As the company steps into 2025, it remains focused on scaling innovation, deepening customer engagement, and reinforcing its leadership in Nigeria’s hospitality industry—while keeping sustainability, financial discipline, and world-class service at its core.
