Transcorp Hotels Grows Profit by 138% to N14.9 billion
Transcorp Hotels Plc grew profit by more than 138% to about N14.9 billion in 2024, details from the company’s audited financial statement revealed. Due to its strong earnings growth in the period, its board of directors has declared intention to pay shareholders 64 kobo as final dividend for the year, according to its official statement.
According to its financial scorecard, the hospitality company’s profit after tax surged by 138% year on year to N14.895 billion in 2024, from N6.253 billion in the comparable year in 2023.
The strong bottom line performance was supported by sizeable year-on-year revenue growth. Transcorp Hotels Plc revenue surged to N70.134 billion from N41.55 billion due to an increase in occupancy rates and higher room prices, among others.
In a regulatory filing, the hospitality company said the payment of a final dividend of 64 kobo per ordinary share is subject to shareholders’ approval and appropriate withholding tax deduction.
The amount will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, March 25, 2025, Transcorp Hotels said in the regulatory filing.
It said this, when combined with the interim dividend of 10 kobo paid on Thursday, August 15, 2024, will bring the total dividend for the 2024 financial year to 74 kobo per ordinary share, versus 20 kobo in 2023.
“The Board of Directors approved and paid an interim dividend of N1,024,252,841.10 or 10 kobo per ordinary share and proposed N6,555,218,183.04 or 64 kobo per share as final dividend, bringing the total dividend for 2024 to N7,579,471,024.14 or 74 kobo per share from N2,048,505,682.20 or 20 kobo on the outstanding ordinary share of 10,242,528,411 shares of 50 kobo each for the year ended 31 December 2024”. CBN Rejects N1.6trn from Investors, Cuts Treasury Bills Rates
