Transcorp Hotels Plc’s shareholders have unanimously approved the N1.14 billion dividend payment proposed by the company for the 2018 financial year. The payment was approved at the company’s Annual General Meeting held in Abuja.
The final dividend translated to 15 kobo per ordinary share, which marks a 20 per cent improvement over the 12 kobo per ordinary share for 2017.
2018 result is first in the company’s history
While speaking at the company’s 5th Annual General Meeting in Abuja, Transcorp Hotels’ Chairman of Board, Mr Emmanuel N. Nnorom, said the financial result of FY 2018 is an unprecedented achievement in the history of the company.
“TRANSCORP HOTELS PLC HAS EXCEEDED THE BAR WITH AN IMPRESSIVE TURNOVER OF N17.4BILLION FROM N13.8 BILLION RECORDED IN 2017, REPRESENTING AN IMPROVEMENT OF 26 PER CENT.
“THIS IS AN UNPRECEDENTED ACHIEVEMENT IN THE HISTORY OF THE COMPANY. IT IS A FURTHER DEMONSTRATION OF OUR ABILITY TO ADAPT QUICKLY TO A CHANGING BUSINESS ENVIRONMENT WHILE KEEPING PACE WITH GLOBAL BEST STANDARDS IN HOSPITALITY.”
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
About Transcorp Hotels Plc
Transcorp Hotels Plc (“Company”) is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates the multiple award-winning Transcorp Hilton Abuja, which provides luxury accommodation, world-class cuisines, conferencing and leisure facilities to business travelers and tourists from all over the world.
The company was formerly known as Transnational Hotels and Tourism Services Limited and changed its name to Transcorp Hotels Plc in 2014. The company was incorporated in 1994 and is based in Abuja, Nigeria.
Transcorp Hotels Plc traded N5.40 in the last trading session of the Nigerian Stock Exchange (NSE).