Firm to pay N1.024b interim dividend, launch 5,000 capacity event centre

Transcorp Hotels Plc has achieved N29.7 billion revenue in its half year operations against N18.5 billion recorded in the corresponding period in 2023.

The firm’s Profit Before Tax (PBT) also to N10.5 billion, higher that N3.6 billion in 2023. According to the company, the per centage increase in revenue is 61 per cent while PBT rose by 192 per cent.

Based on the improved performance, the directors of the company are recommending an interim dividend of N1.02 billion at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.

Profit after Tax (PAT) also rose  by 157 per cent year-on-year to N6.6 billion in H1 2024, compared to N2.6 bi
llion during the same period last year.

The firm said occupancy grew to 81 per cent in H1 2024, up from 77 per cent in H1 2023 while Revenue per Available Room (RevPAR) increased by 57 per cent to N162,999 from N103,646 during the same period in 2023.

Managing Director/CEO of the company, Dupe Olusola said the company continues to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.

“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Dupe Olusola stated.

“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders.We are excited about the launch of our upcoming 5,00-capacity event centre later this year,” Dupe Olusola added.

This world-class development is expected to attract both regional and international events to Abuja, positioning Nigeria to get more share of the global Meetings, Incentives, Conferences and Exhibitions (MICE) industry estimated at $802.59 billion in 2023, thereby contributing to the nation’s economic growth.

Chairman, Board of Directors, Emmanuel Nnorom stressed that the company’s exceptional performance in the first half of the year underscores its resilience and strategic foresight in navigating the dynamic hospitality landscape.

He said the interim dividend is a testament to the firm’s robust financial status and unwavering commitment to rewarding its investors.

” It also signifies confidence in our growth trajectory. As we look ahead, we are confident that Transcorp Hotels will continue to thrive, setting new industry benchmarks in line with our mission of redefining hospitality in Africa.”