•Nnorom: We’ll hit our 2023 set targets
James Emejo in Abuja
Shareholders of Transcorp Hotels Plc yesterday approved the payment of N1.33 billion as dividend for the 2022 financial year. The figure translated to 13 kobo per share.
The company also reported a Profit Before Tax (PBT) of N4.5 billion, representing 172 per cent increase compared to the N1.7 billion realised in the preceding year.
Speaking at its 9th Annual General Meeting (AGM) in Abuja, Managing Director/Chief Executive, Transcorp Hotels, Dupe Olusola, said total revenue also grew by 47 per cent to N32 billion in the review year compared to N21.7 billion in 2021.
Shareholders, however, hailed the company over its impressive performance amid a volatile business environment in which it also won a flurry of awards from the business world in particular.
Olusola said, “The excellent financial performance we achieved in 2022 despite adverse economic conditions, is a result of the detailed execution of our strategy, our out-of-the-box approach, our nimbleness, and unswerving commitment to delivering value to all our stakeholders.
“I feel incredibly optimistic about the great feats ahead for our company. We have market-leading asset-light hospitality products and services, our proposed event center, and partnership with iconic brands that will surely boost our expansion and growth rapidly further adding to our footprints and bottom line.
“We recognise the enormous responsibility to inspire and support our people to succeed. We continue to look for ways to invest in our people’s growth and development and to help them balance their work and personal lives.”
She added that the company remained committed to exploring profitable business adjacencies while racing to complete its pipeline projects and initiatives as part of efforts to expand the horizon and push for new frontiers.
Also, chairman of the company, Mr. Emmanuel Nnorom, said the dividend pay-out was indicative that the hospitality coy closed the 2022 financial year strongly.
He said the performance further demonstrated that the positive results that could be achieved with the support of all relevant stakeholders and proper utilisation of the people and processes.
Nnorom said, “Our resilience and innovation were imperative and key as we navigated through the various challenges during the year.
“As we proceed into the new year, we will not rest on our laurels, the team is energised and committed to going above and beyond the call of duty to deliver a superior performance like we did this year, and we believe that with your continued support, we will hit our set goals in 2023.
“Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides.”
The chairman pointed out that revenue growth was the highest-ever annual performance since the inception of the company.
He said gross profit increased by 41 per cent to N22.4 billion, compared to N15.9 billion in 2021.
According to him, “The year came with its unique set of challenges which revealed our strength as shown in the disciplined and dynamic operational excellence that drove our 2022 performance.
“With the resultant hike in costs of supplies caused by negative macro-climate, our continued efforts to drive cost efficiencies resulted in an improved net profit margin which increased from seven per cent in 2021 to 11 per cent in the year 2022.”
