Transcorp Hotels Plc is strengthening its asset base through ongoing expansion efforts.
By Jeffrey Agbo
Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group) on Monday held its 10th annual general meeting (AGM) where the company’s 2023 performance was presented to shareholders.
The results showed Transcorp Hotels’ continuous growth, as well as new revenue and profit records set in the year under review. The AGM was held at Transcorp Hotel’s flagship property Transcorp Hilton Abuja.
As contained in the company’s annual report, revenue grew by 36.2% to N41.46 billion in 2023 from N30.44 billion in 2022, while gross profit grew 37% to N29.79 billion from N21.74 billion in 2022. Profit before tax grew by 104.8% to N9.48 billion from N4.63 billion in 2022.
Chairman, Board of Directors, Emmanuel Nnorom remarked, “Our exceptional performance in 2023 underscores our unwavering commitment to excellence and sustainable growth. Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”
He announced that the Board of Directors has approved that over N2 billion be paid as dividend to the company’s shareholders, an announcement that was welcomed with rousing applause and approval by the shareholders.
Managing Director/CEO of Transcorp Hotels, Dupe Olusola, stated that 2023 was a year of exceeding performance as the Company leveraged increased demand to set new operational and financial records.
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“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,” Mrs Olusola said, adding that the positive momentum created by the company’s successful strategy offers confidence for its 2024 outlook and beyond.
She acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hard work.
Olatunde Okelana, a longtime shareholder of the company, 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,” Okelana said.
Another shareholder, 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,” Bakare said.
Transcorp Hotels is strengthening its asset base through ongoing expansion efforts. A new world-class event centre is expected to open before the end of 2024. The 5,000-capacity event centre is purpose-built to host both local and international events and exhibitions. The company is also developing a 315-room five-star hotel at the heart of Ikoyi, Lagos. Through the property, Transcorp Hotels will be able to further tap into the global luxury hotel market, estimated to expand to $107.77 billion in 2024, reaching $157.59 billion by 2029.
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