Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”), the hospitality subsidiary of Transcorp Group, has announced impressive financial results for FY2024, confirming its position as the industry’s market leader.
Transcorp Hotels, in its latest financial results filed with the Nigerian Stock Exchange (NGX), reported a 69 percent increase in revenue and a 144 percent increase in profit after tax, reflecting the company’s commitment to excellence in executing its strategic growth plans.
• Revenue growth: Revenue is expected to grow 69% from $41.46 billion in FY2023 to $70.13 billion in FY2024.
• Profit before tax: Profit before tax increased by 138% to N22.61 billion in FY2024 from N9.48 billion in FY2023.
• Profit after tax: Profit after tax increased by 144% to N14.90 billion in FY2024 from N6.09 billion in FY2023.
• Leverage: Over the years, the Company has established and maintained a strong and respected leverage. Total cash flow increased from 17.48% in FY2023 to 9.30% in FY2024 due to the repayment of principal and other borrowings.
• Return on Assets: Return on assets increased from 4.83% in FY2023 to 10.59% in FY2024.
• Return on Equity: Return on Equity has increased from 9.12% in FY2023 to 18.50% in FY2024, indicating strong performance in raising capital.
In line with its commitment to enhance shareholder value through dividend payment, the Board has proposed a final dividend of K64 million for FY2024, which, if approved by shareholders at the Annual General Meeting, will bring the total dividend to K74 million following a short-term payment of K10,000, thereby realizing shareholder value for the year 2000.
In his remarks, Transcorp Hotels Managing Director Emmanuel Nnoram stressed that the company is committed to enhancing shareholder value
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