Transcorp Hotels unveils expansion plans, reports 144% surge in profit

DDM News

Transcorp Hotels Plc has announced plans to expand its investment portfolio in Nigeria’s hospitality industry.

The announcement was made during the company’s Annual General Meeting held on Thursday in Abuja as gathered by Diaspora Digital Media (DDM).

Chairman of the Board, Emmanuel Nnorom, highlighted the company’s impressive financial performance for the 2024 fiscal year.

He said the success provides a strong base for continued growth and strategic expansion.

According to the audited report submitted to the Nigerian Exchange (NGX) in February, the company saw notable growth.

Revenue rose by 69%, increasing from N41.46 billion in 2023 to N70.13 billion in 2024.

Profit After Tax also surged by 144%, growing from N6.09 billion in 2023 to N14.90 billion in 2024.

Nnorom attributed the results to operational efficiency, strategic decisions, and a recovery in tourism and economic activities.

He stated that Transcorp Hotels is ready to leverage rising consumer spending and tourism inflows in 2025.

“Our focus remains on portfolio expansion and strengthening our market leadership,” he added.

He cited the Transcorp Events Centre in Abuja as a major part of their expansion efforts.

He also mentioned progress on the Ikoyi Hotel project, which aims to boost their presence in Lagos.

Operational priorities will include cost optimisation and service innovation to remain competitive in a changing market.

Nnorom explained that these measures will enhance efficiency and customer satisfaction across all facilities.

He assured stakeholders that the company remains committed to sustainable growth and shareholder value.

To reward shareholders, the Board proposed a final dividend of 64 kobo per share for 2024.

This amounts to N6.56 billion as the final dividend for the financial year.

Combined with the interim dividend of 10 kobo per share paid earlier, total dividend reaches 74 kobo.

That brings the total payout to N7.57 billion for the year.

Shareholders expressed satisfaction with the performance and appreciated the board’s commitment to profitability and growth.

Transcorp Hotels Plc is a subsidiary of Transnational Corporation Plc (Transcorp Group).

It operates leading hospitality assets and continues to invest in innovation and market expansion.

The company remains a major player in redefining Nigeria’s hospitality landscape through premium service and strategic investments.

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