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From Adanna Nnamani, Abuja
Transcorp Hotels Plc has posted a revenue of N70.13 billion for the 2024 financial year, marking a 69 percent increase from N41.46 billion in 2023.
The company disclosed this in its financial statement released during its Annual General Meeting in Abuja on Thursday.
Beyond revenue growth, profit before tax (PBT) soared to N22.61 billion, representing a 138 percent year-on-year increase. Additionally, Transcorp Hotels’ stock price increased by 65 percent, closing at N116 per share on December 31, 2024, reinforcing its position as one of the most attractive stocks on the Nigerian Exchange (NGX).
The company distributed a total dividend of 74 kobo per share (N7.57 billion) for the 2024 financial year, including a final dividend of 64 kobo per share (N6.56 billion) and an earlier interim dividend of 10 kobo per share.
The Chairman of Transcorp Hotels, Emmanuel Nnorom said the impressive growth reflects the company’s strategic focus on pricing optimization, enhanced guest experience, and operational efficiency, despite Nigeria’s challenging economic environment.
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Nnorom further attributed the revenue surge to the company’s ability to adapt to market dynamics, manage costs effectively, and strengthen its brand positioning.
“Our Operations were strengthened through leveraging technology, sustainability, and customer experience, each serving as a cornerstone for our growth. Despite the macroeconomic pressures, we delivered exceptional results by focusing on service quality, and a deep understanding of the evolving needs of our guests,” the chairman said.
On its economic outlook and growth strategy for 2025, Nnorom said Transcorp Hotels is well-positioned to capitalize on increased tourism, consumer spending, and foreign direct investment (FDI), which is forecasted to exceed $5 billion, especially with Nigeria’s projected GDP growth rate and inflation moderation.
He disclosed that the company will focus on expanding its portfolio, including the Transcorp Events Centre in Abuja and further development of the Ikoyi Hotel project.
Nnorom said Transcorp will also enhance operational efficiency through cost optimization and service innovation as well as deepen customer engagement to reinforce market leadership.
As part of its next phase of growth, Uzoamaka Oshogwe has been appointed as the new Managing Director of the Hotels, succeeding Dupe Olusola, who oversaw the company’s operations from 2020 to 2024.
