2 weeks ago
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Shareholders of Transcorp Hotels Plc have endorsed the recommendation of the board of directors for a dividend of N2.05 billion for the financial year ending December 31, 2023.
The shareholders approved this during the company’s 10th annual general meeting (AGM) held in Abuja on Tuesday.
The dividend translates to 20 kobo per ordinary share for the financial year, 2024.
Addressing stakeholders during the meeting, Mr. Emmanuel Nnorom, Chairman, Board of Directors, Transcorp Hotels, said that the company’s performance in 2023 underscores its unwavering commitment to excellence and sustainable growth.
“Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return,” he said.Nnorom noted that in line with the firm’s commitment to continuously maximize long-term value for shareholders by accelerating growth, improving margins, and allocating resources and capital prudently, the board of directors has approved that over N2.05 billion be paid as dividend to the company’s shareholders.
Dupe Olusola, Managing Director/CEO, stated that 2023 was a year of good performance as the company leveraged increased demand to set new operational and financial records.
“By strategically investing in opportunities that align with our growth objectives, we have achieved impressive outcomes.
“Our business expansion has been propelled by reinforcing our capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for all our stakeholders,” Dupe Olusola said, adding that the positive momentum created by the Company’s successful strategy offers confidence for its 2024 outlook and beyond.”
She acknowledged the resilience and dedication of her team, stressing that the impressive performance reflects their commitment and hard work.
What the shareholders said
Chief Olatunde Okelana, a shareholder of the company, commended the management for the year-on-year growth of the Company.
“I have watched this company grow in leaps and bounds over the years. Returns to shareholders are growing impressively every year, and we owe this to our experienced board and excellent management. I am excited at what the future holds for our Company,” Chief Okelana said.Another shareholder, Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values in execution and enterprise which have been the bedrock of the business and have yielded profit.
Financial performance
Nairametrics reported that Transcorp Hotels Plc recorded a profit before tax of N9.412 billion for the year ended 31 December 2023.
According to the financial statements reviewed by Nairametrics, Transcorp Hotels reported revenue of N42.701 billion, a 35.81% increase from the N31.442 billion posted the year prior.
A significant portion of this revenue was from room sales, which constitute about 64% of total revenue.
RANSCOHOT emerged as one of the top-performing stocks on the NGX in 2023, boasting a share price appreciation of 1.023% YtD.
This year, the stock closed the most recent trading session at N97.90, bringing the YTD gain to 39.5% and rejoined the SWOOT category.
