Shareholders Approve Transcorp Hotels’ Expansion Drive

James Emejo in Abuja

Shareholders of Transcorp Hotels Plc have approved its expansion programme to build new properties in Lagos and Port Harcourt and effect upgrade to the Trancorp Hilton Abuja.

The investors further approved the sum of N2.81 billion as dividend, which translated to 40 kobo per share for the 2015 financial year.

Speaking in Abuja during its 2nd Annual General Meeting (AGM), Chairman, Transcorp Plc, Olorogun O’tega Emerhor said the company grew by 20 per cent from N4.5 billion in 2014 to N5.4billion in 2015 while its total assets increased by 30 per cent from N70 billion to N91 billion within the period under review.

The company also recorded a profit after tax of N3.6 billion in 2015 compared to N3.3 billion in the previous year.

He said: “I strongly believe that we will continue to enjoy growth across all our business lines. We have demonstrated our capabilities across products, customer segments and markets. We intend to continue to leverage on this solid platform to achieve our aspirations and deliver value to all our stakeholders.

“The confidence of you the shareholders has been a considerable source of strength for us at Transcorp Hotels Plc. As we step into a new phase of vitality, we continue to rely on this support and confidence.”

Also speaking at the AGM, Managing Director/Chief Executive, Transcorp Hotels, Abuja, Mr. Valentine Ozigbo said the company increase profitability “despite the negative economic fluctuations during the financial year.”

According to him: “The results in the fiscal year 2015 were possible due to efficiency, hard work and resilience of our team members which are hallmarks of our corporate culture.”

He said: “We were recognized globally by the World Travelers Award, winning five awards for the second year consecutively, and adjudged the best case study for the Kaizen Institute West Africa in August 2015.

“We consolidated on our excellent service ratings and won national, regional and international awards and look forward to steady progress in our new expansions and new ventures. All of these could not have been possible without the support of our dear shareholders, bondholders and our entire stakeholders.”

The shareholders also commended the management for the significant improvement in its financial performance as well as offering a dividend in the face of difficult operating environment.

They further hailed the company for successfully issuing its corporate bond following necessary regulatory approvals.

They also applauded the management for being named the best leading business hotel in Africa by the prestigious World Travel Awards.