Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), has announced an impressive financial performance for the 2024 fiscal year, with a record revenue of N70.13 billion.
The 2024 (FY) full year record revenue, represents a 69 percent increase in revenue from N41.46 billion in 2023.
According to the company’s latest audited results, submitted to the Nigerian Exchange (NGX), Transcorp Hotels also a 144 percent growth in Profit After Tax, underscoring its drive for operational excellence and the execution of strategic growth initiatives.
Also, the company’s Profit After Tax surged by 144 percent to N14.90 billion in FY 2024 from N6.09 billion in FY 2023, while Profit Before Tax increased by 138 percent to N22.61 billion in FY 2024 from N9.48 billion in FY 2023.
Moreover, the company has over the years built and maintained a healthy debt capacity and creditworthiness with the gearing ratio improved from 17.48 percent in FY 2023 to 9.30 percent in FY 2024, due to the consistent principal repayment of third-party loans.
Read also: Transcorp Hotels grow revenue by 67% to N48.49bn in Q3, 2024
The impressive performance included an increase in the return on assets from 4.83 percent in FY 2023 to 10.59 percent in FY 2024, as well as return on equity, which grew from 9.12 percent in FY 2023 to 18.50 percent in FY 2024, demonstrating the company’s efficient income generation from equity.
In line with its commitment to enhancing shareholder value through dividend payment, the Board of Directors has proposed a final dividend of 64kobo for FY 2024, which if approved by the shareholders at the company’s annual general meeting, will bring the full dividend to 74kobo, having paid an interim dividend of 10k paid at half-year 2024. The above action reaffirms the company’s dedication to creating sustainable value for shareholders.
In his comments on the positive development, Emmanuel Nnorom, chairman, Transcorp Hotels, highlighted the company’s commitment towards maximising 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, ” Nnorom said.
On her part, Uzo Oshogwe, managing director/CEO, Transcorp Hotels, emphasized the company’s commitment to innovation, exceptional service and continuous 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,” the new MD/CEO said.
However, a key highlight for Transcorp Hotels is the completion of its new 5,000-capacity event centre, which is proving to be a game-changer in the hospitality and event hosting landscape. The state-of-the-art facility further strengthens the hotel’s ability to cater to large-scale conferences, exhibitions, and social events, solidifying its position as the preferred destination for business and leisure travellers.
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