Transcorp Hotels Posts Profit After Tax Of N14.9bn In 2024

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has declared profit after tax of N14.896 billion for the year ended December 31, 2024.

The company’s audited results showed an impressive financial performance for the 2024 fiscal year, reinforcing its position as a market leader in the industry.

Also, the results underscored the Company’s drive for operational excellence and the execution of its strategic growth initiatives.

The Company’s revenue grew by 69 per cent to N70.13 billion in the full year 2024 from N41.46 billion in 2023.

Profit Before Tax increased by 138 per cent to N22.61 billion in 2024 compared to N9.48 billion in 2023, while profit after tax surged by 144 per cent to N14.90 billion in 2024 from N6.09 billion in 2023.

The Company has over the years built and maintained a healthy debt capacity and creditworthiness. The gearing ratio improved from 17.48 per cent in 2023 to 9.30 per cent in 2024, due to the consistent principal repayment of third-party loans.

Return on assets increased from 4.83 per cent in 2023 to 10.59 per cent in 2024, while return on equity grew from 9.12 per cent in 2023 to 18.50 per cent in 2024, demonstrating efficient income generation from equity.

In line with its commitment to enhancing shareholder value through dividend payment, the board of directors proposed a final dividend of 64 kobo for the year ended 2024, having paid an interim dividend of 10 kobo paid at half-year 2024, this will bring the full dividend to 74 kobo per share.

Speaking, chairman of Transcorp Hotels, Emmanuel Nnorom said, “we remain deeply committed to enhancing shareholder value and delivering strong returns to our investors, ensuring that Transcorp Hotels continues to set the standard for hospitality excellence. The hospitality sector continues to be a vital contributor to Nigeria’s economy, and we are proud of Transcorp Hotels’ role in shaping the industry’s future.”

Also, the managing director/CEO of Transcorp Hotels, Uzo Oshogwe emphasized the Company’s commitment to innovation, exceptional service and continuous growth.

He pointed out that “despite the inflation and other macroeconomic challenges, we remain focused on delivering outstanding hospitality experiences, expanding our offerings, and implementing a strategy that unlocks the full potential of our business for all stakeholders.”

A key highlight for Transcorp Hotels is the completion of its new 5,000-capacity event centre, which is proving to be a game-changer in the hospitality and event hosting landscape. The state-of-the-art facility further strengthens the hotel’s ability to cater to large-scale conferences, exhibitions, and social events, solidifying its position as the preferred destination for business and leisure travellers.