Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), has declared a significant dividend of N7.6 billion to its shareholders, following a remarkable financial performance for the fiscal year ending December 31, 2024. This declaration reflects the group’s strong earnings and its continued resilience in Nigeria’s dynamic hospitality industry.
According to a statement released by the company, shareholders will receive N0.75 per share, a substantial increase from the N0.50 paid out the previous year. The dividend announcement was made following the approval of the audited financial statements by the company’s board of directors.
The Managing Director and CEO of Transcorp Hotels, Dupe Olusola, attributed the company’s stellar performance to its strategic innovations, efficient cost management, and dedication to exceptional customer service. She stated that despite macroeconomic headwinds and the evolving challenges in the hospitality industry, the company maintained strong occupancy rates, expanded its digital offerings, and explored new revenue channels across its assets, including Transcorp Hilton Abuja and Aura by Transcorp Hotels.
“2024 was a year of innovation and aggressive execution of our long-term strategy,” Olusola noted. “We’ve invested heavily in technology, staff training, and infrastructure upgrades. Our focus on digitizing customer experiences and promoting sustainable tourism paid off.”
In addition to the dividend payout, Transcorp Hotels revealed plans to develop a 5,000-capacity convention and event center in Abuja—an initiative expected to transform the city’s tourism and MICE (Meetings, Incentives, Conferences, and Exhibitions) landscape. This facility is projected to attract global conferences and increase international visitor inflow, thereby bolstering both hospitality revenues and national economic growth.
Transcorp Hotels also disclosed revenue figures of N29.7 billion for H1 2024, representing a 61% growth from the N18.5 billion recorded in the same period in 2023. The board and management expressed optimism that 2025 would bring even greater returns to shareholders as they continue to consolidate on market leadership and expand their footprint.