Photo Caption: From left to right, Directors of Transcorp Hotels Plc: Peter Elumelu, HRH. Baba Mohammed, Ms. Okaima Ohizua (ED, Customer Service), Valentine Ozigbo (MD/CEO), Olorogun O’tega Emerhor (Chairman), Emmanuel Nnorom (Transcorp Group President/Non- Executive Director), Hajiya Saratu Umar, Dr. Vincent Akpotaire and Adim Jibunoh, after the company’s AGM in Abuja

Chairman of Transcorp Hotels Plc, Olorogun O’tega Emerhor, says there are plans to upgrade its flagship Transcorp Hilton Abuja, in line with the commitment of stakeholders to build Africa’s choice hospitality assets.
Addressing shareholders during the third annual general meeting at Transcorp Hilton Abuja, he said the company is poised to continue re-inventing its bouquet of world class services, while relentlessly maintaining market leadership across Nigeria, which has so far helped it achieve a 60% room occupancy rate in its flagship property, well below 35% for large hotels.
This, according to him ensured Transcorp Hotels delivered a resilient performance even in the face of the economic recession that is impacting negatively on the hospitality industry.
“2016 was a year of notable achievements for Transcorp Hotels Plc, despite the strong economic headwinds,” he told the gathering.
Reviewing the audited financials for the year ended December31, 2016, the company’s Managing Director/Chief Executive, Valentine Ozigbo said Transcorp Hotels recorded a 10% growth in gross revenue, which stood at N15.31bn, from N13.98bn in 2015, driven largely by key events, including visits by very high profile guests, many foreign heads of government and representatives of consulates, all of who were due to aggressive business development.
Within the period, Profit Before Tax stood at N5.24bn, while Profit After Tax for the year surpassed 2015 performance of N3.5bn by 17% to N4.10bn in 2016, from which the shareholders approved the board’s 40 kobo proposed dividend per share.
Ozigbo explained that the company’s “major priority now is creating value for our stakeholders, improving customer service for our guests and maximizing shareholder value, and we believe very strongly that the foundation that we are laying, with the current upgrade and refurbishment of the Transcorp Hilton Abuja and repositioning of Transcorp Hotels Calabar, is certain to yield very positive results.
“On this premise, I am happy to add that our turnaround initiatives for Transcorp Hotels Calabar are equally paying off as the Hotel recorded laudable profit for the first time since 2012”. This development, he explained, was predicated on strategy of increasing occupancy and proactive cost management” he stressed.
On prospects for 2017, the CEO assured that the company will keep up with the tempo to sustain the financial performance in 2017, despite the impacts of the temporary airport closure. He also confirmed that the Company is on track to deliver on the ongoing upgrade of Transcorp Hilton Abuja with preparations underway for its 30th anniversary in the second quarter of this year.
Reacting, to the result, the shareholders commended the management for ensuring that Transcorp Hotels remains the leading hospitality destination in Nigeria, acknowledging the vision and dedication of the company’s management, resulting in constant improvement in the quality of its services.
Commenting on the year’s performance, Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN), expressed appreciation to the company’s board and management for paying dividend at a time when Nigeria’s economy is in dire straits, leading to significant drop in hotel occupancy.
“At a time when a lot of companies prefer to cut dividend with a ready excuse (being) the current state of the economy, we are delighted that our Company has paid dividend which will go a long way in meeting our financial needs,” he stressed.
For Alhaji Muktar Muktar, President, Trusted Shareholders Association, “we are proud of this achievement and encourage the MD and the board to continue in this direction,” following which the shareholders gave a standing ovation to the MD/CEO for not just winning the Seven Stars 2016 CEO of the Year at a global event, but also leading Transcorp Hilton to win the Seven Stars Seal of Excellence Award for the first time.