Shareholders of Transcorp Hotels Plc, a subsidiary of Transcorp Group, have approved a N7.57 billion dividend for the year ended December 31, 2024.
This is as the company’s shares witnessed a surge in its share price, climbing by 7.13 per cent to close at N145 per share at the close of trading on the Nigerian Exchange (NGX) on April 3, 2025.
This impressive gain followed the company’s Annual General Meeting (AGM), where shareholders enthusiastically approved the proposed dividend payout for the 2024 fiscal year.
The approved dividend payout, which contributed to the heightened investor confidence, amounted to a final dividend of 64 kobo per share, following an interim dividend of 10 kobo per share paid earlier in the year, reflecting the company’s strong financial performance and commitment to delivering shareholder value.
The Company for the period under review reported a revenue of N70.13 billion, a 69 per cent increase over the N41.46 billion recorded in 2023.
Profit Before Tax (PBT) soared by 138 per cent, reaching N22.61 billion, further underscoring the company’s strong financial position. The Company’s stock price surged by 65 per cent in 2024, closing the year at N116 per share. The price jump positions it as one of the most attractive stocks on the Nigerian Stock Exchange (NGX), with the latest gain further reinforcing this.
Chairman, Transcorp Hotel, Emmanuel Nnorom attributed the growth to strategic pricing models, effective cost management, and an unwavering commitment to enhancing guest experiences.
“Our performance in 2024 has been nothing short of stellar. The company’s ability to adapt and capitalize on market opportunities, even amidst persistent inflation and volatile exchange rates, speaks volumes about the strength of our operational strategies.”
Managing director/CEO of the Company, Uzoamaka Oshogwe said revenue growth was fueled by sustained demand in international and corporate travel, a strong rebound in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, and dynamic performance in the leisure market.
“This significant growth is particularly commendable given the persistent macroeconomic headwinds.
“Our ability to navigate these challenges and achieve such robust results underscores the effectiveness of our business model and strategic approach,” Oshogwe said.
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