Shareholders of Transcorp Hotels Plc have approved the N1.33 billion dividend payout, which translates to 13 kobo per share dividend, earlier recommended by the Board of Directors.
Addressing shareholders at the at the 9th Annual General Meeting (AGM) in Abuja, Dupe Olusola, Managing Director/CEO Transcorp Hotels Plc, said the company recorded a Profit Before Tax (PBT) of N4.5 billion, representing a 172 percent increase compared to N1.7 billion in 2021.
She also stated: “We are excited to have delivered another exceptional year of revenue growth with a 47% increase to N32 billion in 2022 from the N21.7 billion recorded in 2021. The full-fledged return of our international business travel segment and the continued strong leisure demand contributed immensely to this performance.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is as a result of the detailed execution of our strategy, our out of the box approach, our nimbleness and unswerving commitment to delivering value to all our stakeholders.”
The Chairman of the Board of Directors, Emmanuel Nnorom, speaking, said: “Our continued focus on strategic financial management remained beneficial as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides.”
He stated that the company would continue to drive key investments in innovation and cost efficiency, including hospitality tech to improve its competitive advantage in the industry through sustainable and cost-effective strategies.
Source : Vanguard
