FY 2024: Transcorp Hotels posts 144% PAT growth
…Proposes 64 kobo dividend to shareholders
Transcorp Hotels Plc has posted an impressive growth of 144% in Profit After Tax (PAT) for the 2024 fiscal year.
Transcorp Hotels which is the hospitality subsidiary of Transcorp Group, made this known in its latest audited results, submitted to the Nigerian Exchange (NGX).
The hospitality company recorded a 69% increase in revenue underscoring the Company’s drive for operational excellence and the execution of its strategic growth initiatives.
The company revealed that Revenue grew by 69% to N70.13 billion in FY 2024 from N41.46 billion in FY 2023 while Profit Before Tax increased by 138% to N22.61 billion in FY 2024 from N9.48 billion in FY 2023.
In the same vein, Profit After Tax surged by 144% to N14.90 billion in FY 2024 from N6.09 billion in FY 2023.
In terms of returns for investors, Return on equity grew from 9.12% in FY 2023 to 18.50% in FY 2024, demonstrating efficient income generation from equity.
The Board of Directors also proposed a final dividend of 64kobo for FY 2024, which if approved by the Shareholders at the Company’s Annual General meeting, will bring the full dividend to 74kobo, having paid an interim dividend of 10k paid at half-year 2024. This action reaffirms the Company’s dedication to creating sustainable value for shareholders.
Chairman of Transcorp Hotels, Emmanuel Nnorom, in his comments highlighted the Company’s commitment towards maximising shareholder value. “We remain deeply committed to enhancing shareholder value and delivering strong returns to our investors, ensuring that Transcorp Hotels continues to set the standard for hospitality excellence.
“The hospitality sector continues to be a vital contributor to Nigeria’s economy, and we are proud of Transcorp Hotels’ role in shaping the industry’s future.”
Commenting on the performance, the Managing Director/CEO of Transcorp Hotels, Uzo Oshogwe, emphasised the Company’s commitment to innovation, exceptional service and continuous growth.
“Thanks to the dedication and passion of our teams, 2024 was a year of strong growth and significant milestones. Despite the inflation and other macro-economic challenges, we remain focused on delivering outstanding hospitality experiences, expanding our offerings, and implementing a strategy that unlocks the full potential of our business for all stakeholders.”
A key highlight for Transcorp Hotels is the completion of its new 5,000-capacity event centre, which is proving to be a game-changer in the hospitality and event hosting landscape.
The state-of-the-art facility further strengthens the hotel’s ability to cater to large-scale conferences, exhibitions, and social events, solidifying its position as the preferred destination for business and leisure travellers.
