Caption: From left, Non-Executive Director, Peter Elumelu; Non-Executive Director, Dr Owen D. Omogiafo; Independent Non-Executive Director, Bolanle Onagoruwa; Chairman, Emmanuel Nnorom; Managing Director/CEO, Dupe Olusola; Independent Non-Executive Director, Garba Abubakar; Non-Executive Director, Adesimbo Bello-Ukiri; and Dr Oluwatoyin Madein, Non-Executive Director, at the 10th Annual General Meeting of Transcorp Hotels Plc, held at Transcorp Hilton, Abuja on Monday.
Shareholders of Transcorp Hotels Plc, the hospitality subsidiary of the Transnational Corporation Plc, Monday April 29, 2024 applauded its exceptional growth for the full-year ended December 31, 2023, as shown by the robust growth in revenue and profit for the period.
According to the result presented before the meeting held at the company’s flagship property- the Transcorp Hilton Abuja, revenue grew by 36.2% to N41.46bn from N30.44bn in 2022, while Profit before tax improved by a significant 104.8% to N9.48 billion from N4.63 billion.
The directors, therefore approved a total dividend payout of N2bn, an announcement that was appreciated with a rousing applause as a sign of approval by the shareholders.
Speaking at the meeting, Emmanuel Nnorom, chairman of the company sais the exceptional performance underscores an unwavering commitment to excellence and sustainable growth.
The strict adherence to corporate governance principles, he continued, “has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”
Also addressing the shareholders, Dupe Olusola, the Managing Director/CEO described 2023 was a year of exceeding performance as the company leveraged increased demand to set new operational and financial records.
“By strategically investing in opportunities that align with our growth objectives, we have achieved impressive outcomes. Our business expansion has been propelled by reinforcing our capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for all our stakeholders,” she said.
The CEO added that the positive momentum created by the company’s successful strategy offers confidence for its 2024 outlook and beyond, even as she acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hard work.
Speaking on behalf of shareholders, Chief Olatunde Okelana, a longtime shareholder expressed his excitement at the year-on-year growth and his confidence in the future growth of the company.
“I have watched this Company grow in leaps and bounds over the years. Returns to shareholders is growing impressively every year, and we owe this to our experienced board and excellent management. I am excited about what the future holds for our Company,” he said.
Another shareholder Mrs. Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values of Excellence, Execution and Enterprise. “The triple Es have been the bedrock of the business and has yielded profit.”
A statement by the company said it is strengthening its asset base through ongoing expansion efforts, with the planned addition to a new 5,000-capacity world-class event centre to open before the end of 2024. The centre is purpose-built to host both local and international events and exhibitions, in addition to developing a 315-room 5-star hotel at the heart of Ikoyi, Lagos that will enable it further tap into the global luxury hotel market, estimated to expand to $107.77bn this year, before reaching $157.59 billion by 2029.
