Transcorp Hotels Plc’ Impressive Growth in H1 2024

Transcorp Hotels Growth performance 2024
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TRANSCORP HOTELS PLC REPORTS IMPRESSIVE H1 2024 GROWTH IN REVENUE AND PROFIT. NEW EVENT CENTER TO BOOST ECONOMIC GROWTH.

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Transcorp Hotels Plc, a subsidiary of Transcorp Group, continues to excel. Transcorp Hotels reported remarkable growth in its half-year 2024 results, showcasing a significant rise in revenue and profit. Revenue soared 61% to N29.7 billion, compared to the previous year’s N18.5 billion. Profit before tax surged by 192% to N10.5 billion, up from N3.6 billion in H1 2023.

Transcorp Hotels is rewarding its shareholders with an interim dividend of N1,024,252,841, equating to N0.10 per 50 kobo ordinary share. This is subject to appropriate withholding tax and necessary approvals. The company’s commitment to rewarding investors underscores its robust financial health.

The half-year results highlighted impressive performance metrics. Profit after tax rose by 157% year-on-year to N6.6 billion, compared to N2.6 billion in the same period last year. Occupancy rates increased to 81%, up from 77% in H1 2023. Revenue per Available Room (RevPAR) also saw a substantial increase of 57%, reaching N162,999 from N103,646 in H1 2023.

Dupe Olusola, Managing Director/CEO, expressed pride in the company’s continuous exceptional performance. She attributed the revenue growth to increased demand at the flagship property, Transcorp Hilton Abuja, and a stronger leisure business. Olusola emphasized the company’s commitment to high standards, operational excellence, and consistent financial discipline. This, she noted, aligns with their strategic objectives and long-term value delivery to stakeholders.

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Transcorp Hotels is set to launch a 5,000-capacity event center later this year. This world-class development aims to attract regional and international events to Abuja. It positions Nigeria to capture a larger share of the global Meetings, Incentives, Conferences, and Exhibitions (MICE) industry, valued at $802.59 billion in 2023. This will contribute significantly to the nation’s economic growth.

Emmanuel Nnorom, Chairman of the Board of Directors, highlighted the company’s resilience and strategic foresight. He praised the interim dividend as evidence of the company’s strong financial health and commitment to investors. Nnorom expressed confidence in Transcorp Hotels’ ability to set new industry benchmarks and redefine hospitality in Africa.

About Transcorp Hotels Plc

Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), is a leading hospitality company in Africa. With strategic investments in power, hospitality, and energy sectors, Transcorp Hotels is redefining African hospitality growth through its flagship property, Transcorp Hilton, and its digital platform, Aura by Transcorp Hotels.

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