Shareholders Approve Transcorp Hotels’ Dividend Pay-out

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Shareholders of Transcorp Hotels Plc have extolled the company for its impressive financial results for the year ended December 31, 2018. The remarks were made at the company’s 5th Annual General Meeting, which took place in Abuja.

Following the company’s 26 per cent increase in turnover, the shareholders unanimously endorsed a final dividend of N1.14 billion for the 2018 financial year.

The final dividend translated to 15kobo per ordinary share, which was a 20 per cent improvement over the 12kobo per ordinary share for 2017.

Speaking on the company’s growth milestones, Chairman of the Board of Directors, Mr. Emmanuel N. Nnorom said: “Transcorp Hotels Plc has exceeded the bar with an impressive turnover of N17.4billion from N13.8 billion recorded in 2017, representing an improvement of 26 per cent.

“This is an unprecedented achievement in the history of the company. It is a further demonstration of our ability to adapt quickly to a changing business environment while keeping pace with global best standards in hospitality.”

The Chairman also thanked the shareholders for their continued support and faith in the board and management of the company.

Commending the company for its overall performance, the President, New Dimension Shareholders Association, Patrick Ajudua, said Transcorp Hotels Plc is an embodiment of what privatisation in Nigeria should be.

He further stated that good corporate governance and the presence of a focused management team concerned with giving returns to shareholders are some underlying factors behind the company’s continued success.

The Managing Director/CEO, Mrs. Owen Omogiafo, reiterated the company’s commitment to quality and global standard customer experience, drawing on the varied international awards conferred on the Company.

She said “We are redefining the hospitality landscape in Africa and positioning our continent as a preferred destination for local and international tourists. Our numerous awards and recognition are proof of this.”

On the prospects for 2019, Omogiafo said: “Transcorp Hotels will continue to leverage on its unique value proposition and proven strategies to exceed 2018 performance.”

She further said that growth and efficiency underpinned by a strong culture of service excellence and cost optimisation will drive the company.