Transcorp Hotels continues exceptional Performance, Delivers N29.7b Revenue; To Pay N1.024bn interim dividend.

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July 26, 2024
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.… Set To Launch 5,000 Capacity Event Centre

ALIMOTU SHADIAT

Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”) (NGX: TRANSCOHOT), the hospitality subsidiary of Transcorp Group has reported its half-year 2024 results.

The results show continuous exponential growth of the NGX-listed leading hospitality brand, with revenue rising 61 percent to N29.7 billion when compared to the past year and profit growing to N10.5 billion, a 192 percent growth over the N3.6 billion recorded in 2023.

The Company is rewarding shareholders with an interim dividend of N1,024,252,841 at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.

Highlights of Transcorp Hotels H1 2024

.Results H1 2024 Revenue hit N29.7 billion, up 61%, in comparison with N18.5 billion reported in H1 2023.

.Profit before Tax rose by 192%, amounting to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year.

.Profit after Tax grew by 157% year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion during the same period last year.

.Occupancy grew to 81% in H1 2024, up from 77% in H1 2023.

.Revenue per Available Room (RevPAR) increased by 57% to N162,999 from N103,646 during the same period in 2023.

Dupe Olusola, Managing Director/CEO in her comments said the Company continues to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.

“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Dupe Olusola stated.

“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders.”

“We are excited about the launch of our upcoming 5,000-capacity event centre later this year,” Dupe Olusola added.

This world-class development is expected to attract both regional and international events to Abuja, positioning Nigeria to get more share of the global Meetings, Incentives, Conferences and Exhibitions (MICE) industry estimated at $802.59 billion in 2023, thereby contributing to the nation’s economic growth.

Emmanuel Nnorom, Chairman, Board of Directors stressed that the Company’s exceptional performance in the first half of the year underscores its resilience and strategic foresight in navigating the dynamic hospitality landscape.

He added, “The interim dividend is a testament to our robust financial health and our unwavering commitment to rewarding our investors. It also signifies confidence in our growth trajectory

“As we look ahead, we are confident that Transcorp Hotels will continue to thrive, setting new industry benchmarks in line with our mission of redefining hospitality in Africa.”