Transcorp Hotels has declared a dividend of 74 kobo per share for the year ending December 31, 2024, marking a substantial increase of 270 percent from the 20 kobo distributed in the previous year.
Gatekeepers News reports that the company reported a profit before tax of N22.61 billion for the financial year 2024, reflecting a remarkable growth of 138 percent.
During the 2024 annual report presentation held in Abuja, Chairman Emmanuel Nnorom highlighted that this achievement was made possible despite ongoing challenges such as inflation and fluctuating exchange rates.
He explained that the total dividend includes a final payout of 64 kobo per share, amounting to N6.56 billion, along with an interim dividend of 10 kobo per ordinary share distributed earlier in the year, resulting in a total of 74 kobo per share or N7.57 billion.
Nnorom attributed the company’s success to significant improvements in revenue generation, effective cost management, and strategic market positioning. Transcorp Hotels recorded a gross revenue of N70.13 billion for 2024, a significant rise from N41.46 billion in the previous year.
He emphasized that this remarkable growth is a testament to the company’s strategic approach to optimizing pricing models and consistently delivering value to its guests. Furthermore, he noted that the company’s adaptability has allowed it to seize market opportunities amidst the ongoing economic challenges.
He said: “The Profit before tax closed at N22.61 billion, representing a 138 per cent year-on-year increase. The stock price performance was equally outstanding. Rising by 65 per cent to close at N116 on December 31, 2024. This milestone firmly positioned Transcorp Hotels Pic as one of the most attractive stocks on the Nigerian Stock Exchange (NGX). These results are a testament to investor confidence in our growth trajectory and prospects.”
Nnorom added that another highlight of the year, which contributed to the performance, was the company’s concerted effort to enhance guest experience and operational efficiency through strategic upgrades to its facilities.
He disclosed that the company invested in modernizing key areas of its operations, including introducing new culinary concepts and elevating service delivery to align with international standards, saying these enhancements have been instrumental in reinforcing the company’s reputation for excellence and attracting a more diverse clientele.
The Transcorp Hotels chief maintained that as the company enters the next phase of its journey, it is poised to unlock new opportunities, deliver exceptional value, and shape the future of hospitality in Nigeria and beyond, saying: “Our strategy for 2025 focuses on scaling innovation, deepening customer engagement, and reinforcing our leadership position in the industry.”
