Transcorp Hotels records 26% increase in 2018 turnover

Transcorp-Hillton-Hotel
Transcorp Hillton Hotel Abuja. [Photo credit: Thisday Live]

The Transcorp Hotels Plc has announced an impressive operational performance with a 26 per cent increase in its turnover for the 2018 financial year.

At the company’s 5th Annual General Meeting at the Congress Hall of the Transcorp Hilton in Abuja, shareholders extolled the achievement of the management of Transcorp Hotels Plc for the financial year ended December 31, 2018.

Following the company’s 26 per cent increase in turnover, the shareholders unanimously endorsed the recommendation of its board of directors for a final dividend payout of ₦1.14 billion for the 2018 financial year.

The final dividend translated to about 15kobo per ordinary share, which is about 20 per cent improvement over the 12kobo per ordinary share paid in 2017.

Speaking on the company’s growth, the chairman of the board of directors, Emmanuel Nnorom, said the company exceeded expectations.

“Transcorp Hotels Plc has exceeded the bar with an impressive turnover of ₦17.4billion from ₦13.8billion recorded in 2017, representing an improvement of about 26 percent,” he said.

“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 and keeping pace with global best standards in the hospitality industry,” the chairman said.

While thanking the shareholders for their continued support and faith in the board and management of the company, the chairman pledged the commitment of the management to continue to lead the company in the direction of sustainable growth in the years ahead.

The president, New Dimension Shareholders Association, Patrick Ajudua, commended the company for its overall performance, saying Transcorp Hotels Plc is an embodiment of what privatisation in Nigeria should be.

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

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

“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.” she said

On the prospects for 2019, Ms Omogiafo noted that “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 optimization will drive the company.

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