Transcorp Hotels assets hit N69 billion mark

TRANSCORP Hotels has declared an assets base of N69 billion last year from N64 billion in , while total liability dropped to N17 billion from N21 billion in 2013.

Shareholders unanimously approved the 2014 yearly report and consolidated financial statements.

Based on the result achieved in 2014 and the positive business prospects for the current financial year, a dividend of 37 kobo per share was declared.

In his address, Chairman of the Board of Directors, Olorogun O’tega Emerhor, said the operational excellence has been a decisive factor in the achievement of the remarkable profitability.

Transcorp Plc Group President/Chief Executive Officer, Emmanuel N. Nnorom explained: “After achieving all the mid-term financial goals set at the initial public offering in late September of 2014, Transcorp Hotels has set new targets for 2015 and beyond.

Based on the leaps in profitability in the last few years, I have every confidence that as a group we will also meet our goals and in so doing, continue in our path of excellence and success.”

The Company has shown it is on track to consolidate the gains occasioned by its listing, as it achieved N14.50 billion in revenue and N4.64 billion in profit before tax in 2014. It also grew shareholders fund to N52 billion from N47 billion in 2013 as a combined impact of IPO, rights issue and profit retained during the year. This is in spite of security challenges and an Ebola scare in 2014 that affected overall hospitality performance in the West Africa region.

Managing Director/CEO, Transcorp Hotels Plc, Valentine Ozigbo was optimistic, saying: “Transcorp Hotels is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage on going demand.

We are delighted to be able to offer the Nigerian public the opportunity to participate in our present and future success. This AGM reiterates our commitment to creating sustainable value for all stakeholders.”
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Meanwhile, the Director-General of the Bureau of Public Enterprises ( BPE) Benjamin Dikki who is also a director of Transcorp Plc, representing the Federal Government’s retained equity in the Company yesterday said following the impressive performance of Transcorp Plc, the Federal Government will soon divest its equity to members of the public to enable them benefit from the company’s profitability.