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Transcorp’s shareholders approve dividend proposal

By Mathias Okwe, Abuja
19 March 2018   |   4:14 am
The Shareholders of Transcorp Hotels Plc have commended the management and staff of the company for achieving an impressive financial performance for the year ended 31st December 2017.

Transcorp hotels

The Shareholders of Transcorp Hotels Plc have commended the management and staff of the company for achieving an impressive financial performance for the year ended 31st December 2017.

The commendation, according to shareholders, was for the performance despite the challenging economic situation and unforeseen events that took toll on the hospitality industry in the country.

The shareholders expressed their approval at the fourth yearly general meeting of the company held at Transcorp Hilton Abuja on Wednesday, attributing the achievement to 30 years of rich experience in providing superior luxury hospitality service.

In the first yearly general meeting by any public quoted company in 2018, the shareholders unanimously approved the board’s recommendation of a final dividend of N12.45 per share, expressing their confidence in the Company’s ability to deliver on expectations.

Speaking at the meeting, a visibly elated shareholder and the Chairman of Progressive Shareholders Association of Nigeria, Boniface Okezie, praised the management and staff of the company for the remarkable growth it recorded amidst socio-political and economic challenges that impacted negatively on hotel occupancy.

Okezie mentioned among others, the six weeks airport closure and the ongoing renovation of Transcorp Hilton Abuja.

“All of these in no small measure impacted the business significantly and would have affected the profit margins considerably instead what we have is a strong performance, and a substantial dividend payout of N12. 45kobo.

“Indeed all of us should be proud as stakeholders in this business,” he said, requesting that a standing ovation be given the outgoing Chairman who he said is a visionary leader.

President, Trusted Shareholders Association, Alhaji Muktar Muktar, also buttressed Okezie’s comments, describing the resilience of the management and staff of the hotel as “weathering the storm and produce exemplary results in 2017.”

“In the midst of this, the hotel management under the Chairmanship of Olorogun O’tega Emerhor and MD/CEO, Valentine Ozigbo, trudged on with hard work as well as numerous innovations, which paid off hugely and this is proven in the reputable awards garnered in the last financial year,” Mukhtar said.

The outgoing Chairman of Transcorp, Olorogun O’tega Emerhor, acknowledged the challenging environment the company operated in.

“We have recorded huge strides with the upgrade of Transcorp Hilton Abuja in keeping with our promise to stakeholders to build Africa’s choice hospitality assets and the company’s achievements have been duly recognized globally as evidenced in the several prestigious awards,” he said.

The Managing Director/Chief Executive Officer of the hotels, Ozigbo, said that the company achieved a remarkable feat considering the unexpected shocks it experienced in 2017 including the impact of the six-week airport closure on the hotels operations and the closure of some floors for upgrade in the hotel, among many others.