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Transcorp Hotels Plc has said it paid a total dividend of N717 million to shareholders at its 8th Annual General Meeting held at Transcorp Hilton Abuja, on Monday.
The Chairman of the Board of Directors, Mr. Emmanuel Nnorom, stated that the Company closed the 2021 financial year strongly, with an impressive gross revenue of N22billion, surpassing its 2019’s pre-COVID revenue of N20billion.
“Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year. During the year, Transcorp Hotels maintained its credit rating for the Company and the Bonds, as two prominent rating agencies affirmed the Company’s “Stable” outlook,” Mr. Nnorom said.
“The pandemic changed the customer behaviour, arrival and departure patterns and the geographical business mix of the hotel. We harnessed all these and dominated the market as we outperformed the industry average and the N10billion revenue recorded in 2020,” the chairman added.
In her remarks, Managing Director/CEO Transcorp Hotels Plc. Mrs. Dupe Olusola, noted that occupancy — proportion of hotel accommodation occupied — which started at 55 per cent in January grew steadily to an all-time high of 80 per cent in December 2021. Average Daily Rate (ADR) also grew from N69,000 in January 2021 to N83,000 in December 2021.
“We remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021. We continued to reinforce our position as the all-round industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security,” Mrs. Olusola added.
Reiterating the Chairman’s statement on revenue, the Managing Director/CEO noted that the Company closed the year 2021 with an impressive gross revenue of N22billion. “This great progress reflects the growth achieved in most of our business segments and the strengthening of our leisure business. We became more innovative in our leisure business segment as a response to the COVID-19 pandemic which was a key success factor for us in 2020. We pushed further in 2021 and grew revenues from this segment by 118 per cent from N1.7billion in 2020 to N3.7billion at the end of 2021,” Mrs. Olusola said.
