Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”), the hospitality subsidiary of Transcorp Group, has announced an impressive financial performance for the 2024 fiscal year, reinforcing its position as a market leader in the industry.
In the Company’s latest audited results, submitted to the Nigerian Exchange (NGX), Transcorp Hotels recorded a 69% increase in revenue and 144% growth in Profit After Tax underscoring the Company’s drive for operational excellence and the execution of its strategic growth initiatives.
Key Financial Highlights:
Revenue Growth: Revenue grew by 69% to N70.13 billion in FY 2024 from N41.46 billion in FY 2023.
Profit Before Tax: Profit Before Tax increased by 138% to N22.61 billion in FY 2024 from N9.48 billion in FY 2023.
Profit After Tax: Profit After Tax surged by 144% to N14.90 billion in FY 2024 from N6.09 billion in FY 2023.
Gearing Ratio: The Company has over the years built and maintained a healthy debt capacity and creditworthiness. The gearing ratio improved from 17.48% in FY 2023 to 9.30% in FY 2024, due to the consistent principal repayment of third-party loans.
Return on Assets: Return on assets increased from 4.83% in FY 2023 to 10.59% in FY 2024.
Return on Equity: Return on equity grew from 9.12% in FY 2023 to 18.50% in FY 2024, demonstrating 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.
This action reaffirms the Company’s dedication to creating sustainable value for shareholders.
Emmanuel Nnorom, Chairman of Transcorp Hotels, in his comments 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.”
Commenting on the performance, the Managing Director/CEO of Transcorp Hotels, Uzo Oshogwe, 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.”
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.
