Key highlight
- Shareholders of Transcorp Hotels Plc at the company’s 9th Annual General Meeting held at Transcorp Hilton Abuja on Monday approved a dividend of 13 kobos per share for the 2022 financial year.
- Transcorp Group reported a profit before tax (PBT) of N4.5 billion, representing a 172% rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021
- The Company also reported a 47% growth in revenue to N31.4 billion in 2022.
Shareholders of Transcorp Hotels Plc have approved a total dividend of N1.33 billion dividend proposed by the Board of Directors for the financial year ending December 31, 2022.
The approval was given at the company’s 9th Annual General Meeting held at Transcorp Hilton Abuja on Monday.
This represents a dividend of 13 kobos per unit of 50 Kobo ordinary shares for its shareholders for the 2022 financial year.
What the company said
The Chairman of the Board of Directors, Emmanuel Nnorom while announcing the total dividend payment of N1.33 billion at 13 kobos per share, noted that the Company closed the 2022 financial year strongly.
- “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, “Nnorom added.
He stated 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.
Financial performance
Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group reported a profit before tax (PBT) of N4.5 billion, representing a 172% rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021. The Company also reported a 47% growth in revenue to N31.4 billion in 2022.
Commenting on the results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc said, “We are excited to have delivered another exceptional year of revenue growth with a 47% increase to N32 billion in 2022 from the N21.7 billion recorded in 2021. 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 our unswerving commitment to delivering value to all our stakeholders.”
What shareholders said
The Shareholders at the meeting commended the management of Transcorp Hotels Plc for the 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.
What you should know
Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp). The Company’s hotels include the Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food, and memorable lifestyle experiences.