Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has been awarded the “Hospitality Company of the Year 2024” at the prestigious Independent Newspapers Awards, Okay.ng reports.
The recognition, according to Independent Newspaper Limited, acknowledges the remarkable transformation the Transcorp brand has undergone over the years, particularly since the challenges posed by the COVID-19 pandemic.
In a letter signed by Steve Omanufeme, Editor-in-Chief of Independent Newspapers, the Board of Editors commended Transcorp Hotels for its deliberate asset renewal, strategic planning, and reinvestments that have not only driven sustainable revenue growth but also maintained profitability, much to the admiration of shareholders and stakeholders alike.
“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,” Omanufeme noted.
The editors also praised the financial performance of Transcorp Hotels in 2023, where the company closed the year with N41.5 billion in total revenue and N6.1 billion in profit—an impressive 133% growth from N2.6 billion in 2022.
In 2024, the company continued its strong momentum, reporting a record revenue of N70.13 billion. Its Profit After Tax (PAT) surged by 144% to N14.90 billion, up from N6.09 billion in 2023. Meanwhile, Profit Before Tax (PBT) rose by 138%, climbing to N22.61 billion from N9.48 billion in FY 2023.
In line with its commitment to enhancing shareholder value, Transcorp Hotels’ Board of Directors proposed a final dividend of 64 kobo for FY 2024. If approved at the upcoming Annual General Meeting on April 3, 2025, this will bring the total dividend payout to 74 kobo, including the 10 kobo interim dividend paid at half-year 2024.
The dividend proposal, coupled with the company’s strong financial performance, reinforced the decision by Independent Newspapers to honour Transcorp Hotels with the Hospitality Company of the Year Award.
Uzo Oshogwe, Managing Director/CEO of Transcorp Hotels Plc, expressed gratitude for the prestigious recognition.
“We are deeply honoured to receive this esteemed award,” Oshogwe said. “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.”
Okay.ng reports that Transcorp Hotels Plc has demonstrated consistent leadership in Nigeria’s hospitality sector through its iconic property, the award-winning Transcorp Hilton Abuja. The company continues to focus on exceptional guest experiences, innovation, and corporate social responsibility, solidifying its status as an industry leader.
