Transcorp Goes For Expansion To Reinforce Market Leadership

Transcorp Hotels Plc has begun an expansionary model as one of its strategic priorities for 2025, that includes reinforcing market leadership, enhancing operational efficiency, and delivering exceptional guest experiences.

The hospitality company hopes to leverage the anticipated economic recovery in Nigeria to capitalise on increased consumer spending and tourism inflows in 2025.

Chairman, board of directors of Transcorp Hotels Plc Emmanuel Nnorom said the company is hoping to add some more rooms to the hotel in Abuja. He said the 670 rooms in Transcorp Abuja, with occupancy of about 84 per cent on average – sometimes 100 per cent – is not enough for its increasing rate of customers. “So we want to do more, because the hotel is hoping to host a lot of events, especially some major events by June, which has never been hosted by Nigeria,” the chairman stated on the sideline of the 2024 annual general meeting of the group in Abuja.

“Our continued investment in expanding our portfolio, particularly the Transcorp Events Centre in Abuja and advancements on the Ikoyi Hotel project, will strengthen our position as a leader in Nigeria’s hospitality industry.

“Our operational focus will also prioritize cost optimisation and service innovation, ensuring we remain competitive in an evolving market. By aligning with the global best practices and integrating sustainable approaches into our operations, Transcorp Hotels Plc. is well-positioned to deliver long-term value to stakeholders,” Nnorom stated.

Meanwhile, stakeholders of Transcorp Hotels Plc approved the payment of a final dividend of 64 kobo per share or N6.56 billion for the full year 2024 at the meeting.

That brings the full dividend of 74 kobo per share or N7.57 billion, having paid an interim dividend of 10 kobo per ordinary share paid at half-year 2024.

This action reaffirms the company’s dedication to creating sustainable value for shareholders.

The company posted gross revenue of N70.13 billion, reflecting an increase from

the prior year’s figure of N41.46 billion. Nnorom said the growth underscores the effectiveness of the company’s strategy to optimize pricing models and deliver consistent value to its guests.

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. The milestone positioned Transcorp Hotels Plc

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,” he stated yesterday.

Uzoamaka Oshogwe who was newly appointed as the managing director/CEO of the company said she would adopt a cost saving model with smart procurement” that is key to our business” to run the company in a more efficient and profitable manner.

Oshogwe said she is determined to build on the achievements of the group and create a more enticing environment for the customers to have value for their money. “Through strategic foresight, operational agility, and customer-centric innovation, we are well-positioned to seize the moment and unlock new frontiers of growth.

“To our esteemed guests and patrons, you remain at the heart of our journey. Your trust fuels our commitment to delivering exceptional experiences that go beyond hospitality to create lifelong memories.

She said with a clear roadmap, a resilient operational model, and a commitment to excellence, Transcorp Hotels Plc. is well-positioned to drive sustained success in 2025 and beyond.