Transcorp Hotels To Pay Dividend Of N717m

TRANSCORP Hotels Plc has announced that it will pay a N717 million dividend to its shareholders in the fiscal year 2021.

According to the audited financial statements for the full year ended December 31, 2021, the company’s gross profit increased by 143 percent, while revenue increased by 114 percent to N21.74 billion.

“The results published on the Nigerian Group Exchange showed a 114 percent increase in revenue to N21.74 billion from N10.16 billion as of December 2020, while gross profit increased by 143 percent to N16.23 billion from N6.67 billion,” the company said in a statement.

Read Also:  Ilorin Court Remands Student For Allegedly Killing Colleague Over Missing Plates

“The company’s results show impressive growth in performance, indicating a strong recovery from the COVID-19 pandemic’s impact in 2020.” The company’s resilience and nimbleness are also reflected in its performance, as it consistently leverages innovation to achieve outstanding results, breaking occupancy and revenue records in 2021.”

“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021,” said Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“Throughout the year, our leisure demand remained strong as different leisure packages introduced continued to drive occupancy.”

“As we work towards our vision of becoming Africa’s leading hospitality brand, we believe Transcorp Hotels Plc is well-positioned to continue to benefit from the hospitality industry’s recovery.”

“We’re about to launch a number of projects that have been in the works for a while in order to expand our role as a full-service hospitality brand and diversify our portfolio.”

As we continue to focus on strengthening our business and investing for the future, we are excited about the opportunities to deliver continued growth in 2022.”

Mr. Emmanuel Nnorom, Chairman of Transcorp Hotels Plc, believes the hospitality industry will continue to recover in 2022.

Read Also:  Fuel Scarcity: NNPC Begins Loading At Depots To Clear Queues

“We expect the hospitality industry to continue its recovery as the domestic leisure, business, and leisure segments — corporate travelers who also include leisure activities in their stay — continue to expand, even as international guests return,” he said.

According to him, Transcorp Hotels is in a good position to help the Nigerian hotel industry recover.