Transcorp Hotels Plc has announced the approval of a final dividend of 64 kobo per share for the 2024 financial year, bringing total payouts to 74 kobo per share, amounting to N7.57 billion.
The announcement was made by the Chairman of Transcorp Hotels Plc, Emmanuel Nnorom.
The company also announced its upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property in Lagos—as part of its expansion projects.
The dividend was later approved following the majority of votes cast by the company’s shareholders on Thursday.
“I am pleased to announce that the Board of Directors has proposed a final dividend of 64 kobo per share, or N6.56 billion, for FY 2024. If approved by the shareholders at this meeting, this will bring the total dividend to 74 kobo per share, or N7.57 billion, after an interim dividend of 10 kobo per ordinary share was paid at mid-year 2024,” Nnorom stated during the meeting.
The company also announced the development of Transcorp Hotels, Ikoyi, as part of the company’s projects for 2025.
“A New Era of Luxury in Lagos—Our ambition to redefine urban luxury hospitality is taking shape with the upcoming Transcorp Hotels, Ikoyi—a flagship 5-star property set to revolutionize high-end accommodation and premium guest experiences in Lagos,” she stated.
Nnorom assured stakeholders that the company’s team would capitalize on “tourism inflows” and other measures in 2025, despite achieving a gross revenue of N70.13 billion in 2024.
Addressing shareholders in his statement, Nnorom emphasised that the company’s revenue of N70.134 billion underscored the effectiveness of its strategy to optimise pricing models and deliver value to guests.
He stated that in 2025, the company would leverage the anticipated global economic recovery and “capitalise on increased consumer spending and tourism inflows.”
Nnorom added that the company’s operational focus would also prioritize cost optimisation and service innovation, ensuring it remains competitive in an evolving market.
He acknowledged the challenges of currency fluctuations in Nigeria and elsewhere, as well as energy costs, but added that the company’s strategic agility and robust governance frameworks would ensure resilience and sustained growth.
He advised that the key to Nigeria’s growth trajectory in 2025 would be the non-oil sector, which, according to him, has emerged as a critical driver of economic diversification.
“Industries such as telecommunications, agriculture, and financial services are expected to contribute significantly to GDP, accounting for over 92% of total output,” he said.
“The implementation of targeted fiscal policies, alongside strategic partnerships with private sector actors, is set to further enhance productivity and attract foreign direct investment (FDI), which is projected to exceed $5 billion in 2025, according to the United Nations Conference on Trade and Development (UNCTAD),” he added.
