Transcorp Hotels Plc on Thursday announced the approval of a final dividend payment of 64 kobo per share for the 2024 financial year, bringing the total dividend payout to 74 kobo per share, amounting to N7.57 billion.
The company also announced its upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property in Lagos—as part of its expansion projects.
The Chairman of Transcorp Hotels Plc, Emmanuel Nnorom, announced the dividend payment to stakeholders during its 11th Annual General Meeting (AGM) on Thursday, which was attended by Nairametrics.
The dividend was later approved following the majority of votes cast by the company’s shareholders on Thursday.
“I am pleased to announce that the Board of Directors has proposed a final dividend of 64 kobo per share, or N6.56 billion, for FY 2024. If approved by the shareholders at this meeting, this will bring the total dividend to 74 kobo per share, or N7.57 billion, after an interim dividend of 10 kobo per ordinary share was paid at mid-year 2024,” Nnorom stated during the meeting.
According to him, the action reaffirms the company’s dedication to creating sustainable value for shareholders.
Transcorp Hotels Managing Director/CEO, Uzo Oshogwe, also announced the development of Transcorp Hotels, Ikoyi, as part of the company’s projects for 2025.
“A New Era of Luxury in Lagos—Our ambition to redefine urban luxury hospitality is taking shape with the upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property set to revolutionize high-end accommodation and premium guest experiences in Lagos,” she stated.
Financial Statement
Speaking at the meeting, Emmanuel Nnorom assured stakeholders that the company’s team would capitalize on “tourism inflows” and other measures in 2025, despite achieving a gross revenue of N70.13 billion in 2024.
- Nairametrics previously reported that the company announced a profit before tax (PBT) of N22.613 billion for the year ending December 31, 2024, marking an impressive 138.48% year-on-year (YoY) growth.
- At the time, the company also declared a final dividend of N0.64 per share, bringing the total dividend for the year to N0.74, including the N0.10 interim dividend previously paid.
- According to the audited financial statements earlier reviewed by Nairametrics, Transcorp Hotels’ revenue surged by 69.18% YoY to N70.134 billion in 2024, up from N41.456 billion in the previous year.
- The company’s total assets increased to N140.70 billion in 2024, marking a 12% increase from the N126.09 billion recorded in the previous year.
- These financial details were reemphasized to the shareholders by the chairman and CEO on Thursday.
2025 Outlook
- Addressing shareholders in his statement, Nnorom emphasized that the company’s revenue of N70.134 billion underscored the effectiveness of its strategy to optimize pricing models and deliver value to guests.
- He stated that in 2025, the company would leverage the anticipated global economic recovery and “capitalize on increased consumer spending and tourism inflows.”
- He added that the company’s operational focus would also prioritize cost optimization and service innovation, ensuring it remains competitive in an evolving market.
- He acknowledged the challenges of currency fluctuations in Nigeria and elsewhere, as well as energy costs, but added that the company’s strategic agility and robust governance frameworks would ensure resilience and sustained growth.
- He advised that the key to Nigeria’s growth trajectory in 2025 would be the non-oil sector, which, according to him, has emerged as a critical driver of economic diversification.
“Industries such as telecommunications, agriculture, and financial services are expected to contribute significantly to GDP, accounting for over 92% of total output,” he said.
“The implementation of targeted fiscal policies, alongside strategic partnerships with private sector actors, is set to further enhance productivity and attract foreign direct investment (FDI), which is projected to exceed $5 billion in 2025, according to the United Nations Conference on Trade and Development (UNCTAD),” he added.
He expressed optimism that with the nation’s youthful population, abundant resources, and entrepreneurial spirit, Nigeria is uniquely positioned to harness future opportunities.
Building on this, Transcorp Hotels Managing Director/CEO, Uzo Oshogwe, said the road ahead for relevant stakeholders would demand innovation, resilience, and strategic thinking.
