Transcorp Hotels Reinforces Position As Market Leader, Announces N1.33billion As 2022 Dividend Payment
Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has continued to reinforce its position as a leader in the industry, as the company has announced a total dividend payment of N1.33 billion for shareholders, at 13 kobo per share. The company also announced a whopping 47% growth in revenue, hitting N31.4 billion, which is an impressive report by all standards, to close the year 2022.
This record was made known by Emmanuel Nnorom, the Chairman of the Board of Directors of Transcorp Hotels at the company’s 9th Annual General Meeting held at Transcorp Hilton Abuja, recently.
Speaking on the report, he said “Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides.”
He said that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies”.
“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the Transcorp Hotels Chairman said.
The company also recorded exceptional revenue after recording a profit before tax (PBT) of N4.5 billion, representing a 172 per cent rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021.
In her remarks, the Managing Director/CEO, Transcorp Hotels Plc, Dupe Olusola, said “We delivered exceptional revenue, the highest since the inception of the hotel- this is huge. Growing our revenues from N21.4bn in 2021 to N31.4bn in 2022 and achieving 172% growth in profitability from N1.7bn to N4.5bn. I do not take this for granted at all.”
“The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance”.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is a result of the detailed execution of our strategy, our out-of-the-box approach, our nimbleness, and unswerving commitment to delivering value to all our stakeholders”, she said.
Shareholders at the meeting commended the management of Transcorp Hotels Plc for another superlative performance recorded in 2022, while also appreciating the myriad of awards in 2022 as a testament to its leadership and the quality of its offerings as the leading African hospitality provider.
The Nigerian Exchange Group (NGX)-listed hospitality brand is obviously reinforcing its position as a leader in the industry, winning 16 awards in 2022, including five World Travel Awards, won by Transcorp Hilton Abuja and the Most Outstanding hospitality brand of the year won by Transcorp Hotels Plc at the Brandcom Awards event held last year.