Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has been awarded “Hospitality Company of the Year 2024” at the prestigious Independent Newspapers Awards. According to Independent Newspaper Limited, organisers of the award, the award is in recognition of the transformation that the Transcorp brand has undergone over the years, especially since the COVID-19 pandemic.
“Such feat has come through deliberate asset renewal, planning and reinvesting that has ensured that the company is not only able to grow revenue sustainably but also remains profitable to the admiration of shareholders and other stakeholders,” a letter signed by Independent Newspaper’s Editor-in-Chief Steve Omanufeme said.
The Board of Editors of the national daily also highlighted the financial performance of the Company in 2023, with total revenue for the year ended December 31, 2023, closing at N41.5 billion, and profit for the year growing by 133% to N6.1 billion from N2.6 billion.
The Company continued its impressive performance in 2024, with a record revenue of N70.13 billion. Profit After Tax surged by 144 percent to N14.90 billion from N6.09 billion in 2023, while Profit Before Tax increased by 138 percent to N22.61 billion in 2024 from N9.48 billion in FY 2023.
In line with its commitment to enhancing shareholder value through dividend payment, the Company’s Board of Directors proposed a final dividend of 64kobo for FY 2024, which if approved by the shareholders at the company’s annual general meeting coming up on April 3, 2025, will bring the full dividend to 74kobo, having paid an interim dividend of 10kobo at half-year 2024. This action reaffirms the company’s dedication to creating sustainable value for shareholders, consistent with the decision of the Board of Directors of the Independent Newspapers to award Transcorp Hotels the Hospitality Company of the Year.
“We are deeply honoured to receive this esteemed award,” said Uzo Oshogwe, Managing Director/CEO. “This recognition is a testament to the hard work, dedication, and passion of our entire team. We would like to express our gratitude to the Independent Newspapers for this recognition and to our valued guests, partners, and stakeholders for their continued support. We are committed to consistently raising the bar in the hospitality industry and providing our guests with unforgettable experiences.”
Transcorp Hotels Plc has consistently demonstrated its leadership in the Nigerian hospitality industry through its iconic property, the award-winning Transcorp Hilton Abuja. The company’s focus on excellent guest experience, innovation, and corporate social responsibility has solidified its position as a leader in the industry.
