Transcorp Hotels Declares 61% Revenue Growth, to Pay N1.02bn Interim Dividend 

Kayode Tokede

Transcorp Hotels Plc has reported its half-year (H1) ended June 30, 2024 results with revenue at N29.7 billion, about 61 per cent increasing when compared to N18.5 billion declared in H1 2023.

The hospitality subsidiary of Transcorp Group on the Nigerian Exchange Limited (NGX) reported N10.5 billion profit before tax in H1 2024, representing an increase of 192 per cent over the N3.6 billion recorded in H1 2023.

Consequently. The company is rewarding shareholders with an interim dividend of N1.02 billion at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.

Also, profit after Tax stood at N6.6 billion in H1 2024, an increase of 157per cent year-on-year compared to N2.6 billion during the same period last year.

In the period under review, the company’ occupancy grew to 81per cent in H1 2024, up from 77per cent in H1 2023.

Revenue per Available Room (RevPAR) increased by 57per cent to N162,999 from N103,646 during the same period in 2023.

Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said the Company continues to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.

“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Olusola stated. 

“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders. We are excited about the launch of our upcoming 5,000-capacity event centre later this year,” he added.