Transcorp Hotels pays N7.6bn dividend
By Seun Ibiyemi
Transcorp Hotels Plc has approved a final dividend payment of 64 kobo per share for the 2024 financial year, which, combined with an earlier interim dividend of 10 kobo per share, brings the total dividend payout to 74 kobo per share. This totals N7.57bn.
The announcement was made by the Chairman of the Board of Directors, Emmanuel Nnorom, during the company’s 11th Annual General Meeting, held on Thursday in Abuja.
In addition to the dividend declaration, Nnorom shared plans to diversify the company’s investments beyond the hospitality sector, reaffirming the company’s commitment to sustaining its strong performance and enhancing shareholder returns.
Nnorom assured the shareholders, stating, “As the CEO mentioned, we will continue to sustain our solid performance and consistently improve our returns to shareholders. Furthermore, we are looking at opportunities to invest in other sectors of the economy.”
Discussing the company’s strategic assets, Nnorom pointed to the 5,000-seater event centre, the largest in Nigeria, as a key revenue generator.
He explained, “This facility will generate income not only from rentals but also from food, beverages, and hotel accommodations. Additionally, the upcoming Transcorp Hotels Lagos will further bolster our portfolio.”
Addressing shareholder concerns regarding the dividend amount, Nnorom defended the payout, underscoring a significant increase compared to the previous year.
“The dividend we paid is substantial. For 2024, we paid an interim dividend of 10 kobo, and now a final dividend of 64 kobo, bringing the total to 74 kobo. When compared to 2023, where only 20 kobo was paid, this represents a 270 per cent increase. We are committed to consistently delivering value to our shareholders,” he remarked.
Looking ahead, Nnorom outlined plans to expand the hotel chain, particularly in Lagos and Abuja.
“In Lagos, we are developing Transcorp Hotels Lagos. Here in Abuja, we also plan to increase the number of rooms at the existing hotel. Our current 670-room hotel operates at an 84 percent average occupancy rate, sometimes reaching 100 percent.
“With major international events scheduled for June, we must expand to meet the growing demand,” he added.
The Managing Director/CEO, Uzoamaka Oshogwe, also shared her vision for the company, focusing on enhancing the customer experience through technological innovation.
“My primary goal is to maintain the growth we’ve achieved. In this business, guests come first. We must ensure an exceptional guest experience through innovation and technology,” Oshogwe stated.
Oshogwe plans to streamline the check-in process and personalise guest experiences, adding, “We want our guests to feel special, as though they are the only ones in the hotel. Through technology, we will eliminate delays at check-in and ensure seamless service.”
Meanwhile, the company’s energy costs surged by 95.88 per cent, rising from N2.43bn in 2023 to N4.76bn in 2024, as indicated in the company’s 2024 annual report and financial statements.
This significant rise in energy expenses has made it the second-largest operating cost for the company, surpassing employee expenses, which increased to N4.73bn in 2024 from N2.48bn the previous year.
Commenting on the challenges faced during the period, Oshogwe acknowledged the impact of various economic pressures on the company’s operations.
Oshogwe, who was appointed CEO in January 2025, stated in the financial statements, “The operating environment in 2024 presented unique challenges, ranging from persistent macroeconomic pressures—including currency volatility, inflationary spikes, and rising energy costs—to heightened security concerns and shifting consumer behaviours. Yet, despite these complexities, our resilience remained steadfast.”
The new CEO stressed the company’s proactive approach to navigating these challenges, particularly through strategic cost management.
