…To launch 5,000 capacity event centre
Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has reported its half-year 2024 results.
The results show continuous exponential growth of the NGX-listed leading hospitality brand, with revenue rising 61 percent to N29.7 billion when compared to the past year and profit growing to N10.5 billion, a 192 percent growth over the N3.6 billion recorded in 2023.
The company is rewarding shareholders with an interim dividend of N1,024,252,841 at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.
The major highlights of Transcorp Hotels H1 2024 results include; N29.7 billion revenue, which is up by 61 percent, in comparison with N18.5 billion reported in H1 2023.
Also, profit before tax rose by 192 percent, amounting to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year, while profit after tax grew by 157 percent year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion during the same period last year.
Occupancy for the NGX-listed leading hospitality brand grew to 81 percent in H1 2024, up from 77 percent in H1 2023, while revenue per available room (RevPAR) increased by 57 percent to N162,999 from N103,646 during the same period in 2023.
Excited at the development, Dupe Olusola, managing director/CEO, Transcorp Hotels Plc, said that the company continues to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.
Read also: Transcorp Hotels breaks all-time revenue record in Q1 2024, achieves 844% PAT growth
“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Olusola stated.
“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders.”
Olusola did not hide her excitement over the launch of the hotel’s upcoming 5,000-capacity event centre later this year.
The world-class development, according to managing director/CEO, Transcorp Hotels Plc, is expected to attract both regional and international events to Abuja, while positioning Nigeria to get more shares of the global Meetings, Incentives, Conferences and Exhibitions (MICE) industry estimated at $802.59 billion in 2023, thereby contributing to the nation’s economic growth.
On his part, Emmanuel Nnorom, chairman, Board of Directors, Transcorp Hotels Plc, stressed that the company’s exceptional performance in the first half of the year underscores its resilience and strategic foresight in navigating the dynamic hospitality landscape.
“The interim dividend is a testament to our robust financial health and our unwavering commitment to rewarding our investors. It also signifies confidence in our growth trajectory.
“As we look ahead, we are confident that Transcorp Hotels will continue to thrive, setting new industry benchmarks in line with our mission of redefining hospitality in Africa,” Nnorom said.
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