Lagos, Nigeria, 15 April 2015 — Transcorp Hotels Plc held its inaugural Annual General Meeting as a Public Liability Company at the Transcorp Hilton Abuja. Shareholders approved the annual report and the appointment of Board Members.
In his address, Chairman of the Board of Directors Olorogun O’tega Emerhor, OON, highlighted the operational excellence that had been a decisive factor in the achievement of remarkable profitability achieved by Transcorp Hotels in 2014, indicating that total assets grew to N69 billion from N64 billion in 2013 while total liability decreased to N17 billion from N21 billion in 2013.
Shareholders unanimously approved the 2014 Annual Report, including the annual and consolidated financial statements. Based on the result achieved in 2014 and in view of the positive business prospects for the current financial year, a dividend of 37 kobo per share was declared.
Transcorp Plc Group President/CEO Emmanuel N. Nnorom explained: “After achieving all the mid-term financial goals set at the initial public offering in late September of 2014, Transcorp Hotels has set new targets for 2015 and beyond. Based on the leaps in profitability in the last few years, I have every confidence that as a Group we will also meet these ambitious goals and in so doing, continue in our path of excellence and success.”
The Company has shown it is on track to consolidate the gains occasioned by its listing, as it achieved N14.50 billion in revenue and N4.64 billion in profit before tax in 2014. It also grew shareholders fund to N52 billion from N47 billion in 2013 as a combined impact of IPO, rights issue and profit retained during the year. This is in spite of security challenges and an Ebola scare in 2014 that affected overall hospitality performance in the West Africa region.
Managing Director/CEO, Transcorp Hotels Plc, Mr. Valentine Ozigbo was optimistic, saying: “Transcorp Hotels is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage ongoing demand. We are delighted to be able to offer the Nigerian public the opportunity to participate in our present and future success. This AGM reiterates our commitment to creating sustainable value for all stakeholders.”
The Company offered 800,000,000 ordinary shares of 50 kobo each at N10.00 per share for subscription. The intent of the offer was to raise funds for development projects in Lagos and Port Harcourt.
The Hotel has won the prestigious World Travel Award in two categories – Nigeria’s Leading Hotel 2014 – for the second year running and Nigeria’s Leading MICE Hotel 2014.