. As shareholders commend board and management
By Tochukwu Bliss, Abuja
Transcorp Hotels Plc has posted a 36.2% revenue growth to N41.46 billion for the full year 2023, up from N30.44 billion in 2022.
The hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), yesterday, unveiled its impressive 2023 record of performance at its 10th annual general meeting (AGM) held at Transcorp Hilton, Abuja.
As contained in the Company’s annual report, gross profit also grew by 37% to N29.79 billion from N21.74 billion in 2022. Profit before tax jumped by 104.8% to N9.48 billion from N4.63 billion in 2022.
Presenting the report to shareholders, Chairman, Board of Directors, Emmanuel Nnorom, said: “Our exceptional performance in 2023 underscores our unwavering commitment to excellence and sustainable growth. Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions.
“This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”
He announced that the Board has approved that over N2 billion be paid as dividend, an announcement that was welcomed with a rousing applause and approval by the Company’s shareholders.
Also speaking, Managing Director/CEO, Dupe Olusola, described 2023 as a year of exceeding performance as the Company leveraged increased demand to set new operational and financial records.
She continued: “By strategically investing in opportunities that align with our growth objectives, we have achieved impressive outcomes.
“Our business expansion has been propelled by reinforcing our capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for all our stakeholders,”
According to her, the positive momentum created by the Company’s successful strategy offers confidence for its 2024 outlook and beyond.
She acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hard work.
Our exceptional performance in 2023 underscores our unwavering commitment to excellence and sustainable growth. Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions.
Shareholders excited
A longtime shareholder, Olatunde Okelana, expressed his excitement at the year-on-year growth and his confidence in the future growth of the Company.
“I have watched this Company grow in leaps and bounds over the years. Returns to shareholders are growing impressively every year, and we owe this to our experienced board and excellent management. I am excited about what the future holds for our Company,” he said.
Another shareholder Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values of Excellence, Execution and Enterprise.
“The triple Es have been the bedrock of the business and have yielded profit.”
Transcorp Hotels is strengthening its asset base through ongoing expansion efforts, as it plans to open a new world-class event centre before the year ends.
The 5,000-capacity centre is purpose-built to host both local and international events and exhibitions.
The Company is also developing a 315-room 5-star hotel at the heart of Ikoyi, Lagos. Through the property,
Transcorp Hotels will be able to further tap into the global luxury hotel market, estimated to expand to $107.77 billion in 2024, reaching $157.59 billion by 2029.
