Transcorp Hotels Plc boosted its profit before tax (PBT) by 172% and its sales by 47% to N31.4 billion in the most recent year (2022).
The Chairman of the Board of Directors, Emmanuel Nnorom, declared a total dividend to be paid to the company’s shareholders of N1.33 billion yesterday during its 9th Annual General Meeting (AGM) in Abuja.
The annualized number was far greater than the PBT of N1.7 billion reported in 2021.
The N1.33 billion will be paid out at 13 kobo per share, signifying how successfully the corporation ended the 2022 fiscal year.
Nnorom clarified: “Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides.”
He told the shareholders that the business would continue to make significant investments in cost-cutting and innovation, highlighting the role of hospitality technology in enhancing the company’s competitive advantage in the market.
“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” he said.
Managing Director/CEO of Transcorp Hotels, Dupe Olusola, said: “We are excited to have delivered another exceptional year of revenue growth with a 47 per cent increase to ₦32 billion in 2022 from the ₦21.7 billion recorded in 2021. The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is a result of the detailed execution of our strategy, our out-of-the-box approach, our nimbleness and our unswerving commitment to delivering value to all our stakeholders.”
