Transcorp Hotels announces 144% profit growth in 2024FY
Transcorp Hotels Plc, has posted a stellar financial performance for the 2024 fiscal year, achieving a record-breaking N70.13 billion in revenue and a 144 per cent jump in profit after tax.
The company’s latest audited results, filed with the Nigerian Exchange (NGX), reflect its strong operational strategy and expansion efforts.
The financial report shows significant growth across key areas. Revenue surged by 69 per cent compared to the previous year, reaching N70.13 billion from N41.46 billion in 2023.
Profit before tax climbed 138 per cent to N22.61 billion from N9.48 billion, while profit after tax soared to N14.90 billion, up from N6.09 billion in the prior year. The company also strengthened its financial standing, reducing its gearing ratio from 17.48 per cent to 9.30 per cent, thanks to consistent loan repayments. Return on assets improved from 4.83 per cent to 10.59 per cent, while return on equity nearly doubled from 9.12 per cent to 18.50 per cent, highlighting strong profitability.
In line with its commitment to enhancing shareholder value through dividend payment, the Board of Directors has proposed a final dividend of 64kobo for FY 2024, which if approved by the Shareholders at the Company’s Annual General meeting, will bring the full dividend to 74kobo, having paid an interim dividend of 10k paid at half-year 2024. This action reaffirms the Company’s dedication to creating sustainable value for shareholders.
Chairman of Transcorp Hotels, Emmanuel Nnorom, in his comments highlighted the Company’s commitment towards maximising shareholder value. “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.”
Commenting on the performance, the Managing Director/CEO of Transcorp Hotels, Uzo Oshogwe, emphasised the Company’s commitment to innovation, exceptional service and continuous growth. “Thanks to the dedication and passion of our teams, 2024 was a year of strong growth and significant milestones. Despite the inflation and other macro-economic 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.
