Transcorp Hotels to expand portfolio investments

Transcorp Hotels Plc has revealed plans to expand its portfolio investments as part of efforts to boost revenue generation and efficient hospitality service in the country.  Chairman, Board of Directors of Transcorp Hotels, Emmanuel Nnorom, stated this in Abuja on Thursday at the hotel’s Annual General Meeting. Daily Trust had reported that the company’s audited […]

Transcorp Hotels Plc has revealed plans to expand its portfolio investments as part of efforts to boost revenue generation and efficient hospitality service in the country. 

Chairman, Board of Directors of Transcorp Hotels, Emmanuel Nnorom, stated this in Abuja on Thursday at the hotel’s Annual General Meeting.

Daily Trust had reported that the company’s audited results submitted to the Nigerian Exchange (NGX) in February showed that it recorded a 69% increase in revenue and 144% growth in Profit After Tax.

Accordingly, revenue grew by 69% to N70.13 billion in 2024 from N41.46 billion in 2023 while Profit After Tax surged by 144% to N14.90 billion in 2024 from N6.09 billion in 2023.

Speaking on the plans for 2025, Nnorom stated that, “Leveraging the anticipated economic recovery, the company is poised to capitalise on increased consumer spending and tourism inflows by continued investment in expanding our portfolio. 

“Particularly the Transcorp Events Centre in Abuja and advancements on the lkoyi Hotel project, will strengthen our position as a leader in Nigeria’s hospitality industry.”

He added that Transcorp Hotels’ operational focus will also prioritise cost optimisation and service innovation, ensuring it remains competitive in an evolving market. 

Declaring the final dividend to shareholders for the financial year 2024, the chairman declared that, “The Board of Directors has proposed a final dividend of 64 kobo per share or N6.56 billion for FY 2024, which will bring the full dividend of 74 kobo per share or N7.57 billion, having paid an interim dividend of 10 kobo per ordinary share paid at half-year 2024.”