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Transcorp Hotels Soars Into Second Year Of Unprecedented Growth As Demand Thrives in 2018

 

  • Shareholders laud ‘impressive performance, approve 15k per share as dividend

 

Renowned Africa’s leading hospitality brand, Transcorp Hotels Plc, grew its turnover from N13.8 billion in 2017 to as much as ₦17.4billion last year, an unprecedented achievement in the history of the company, as stated by the its financial report released on Friday.

 

Following the company’s 26% increase in turnover in year ended December 31, 2018, its shareholders same day unanimously endorsed a final dividend of ₦1.14bn for the 2018 financial year.  The final dividend translated to 15 kobo per ordinary share, a 20% jump from the 12 kobo per ordinary share for 2017.

 

“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,” Chairman of the Board of Directors, Emmanuel N. Nnorom said of the milestone.

 

 

The Managing Director/CEO, Owen Omogiafo, said the company is “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,” adding that for 2019, “Transcorp Hotels will continue to leverage on its unique value proposition and proven strategies to exceed 2018 performance.”

 

Commending the company for its overall performance, Patrick Ajudua, President, New Dimension Shareholders Association said that 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 who are concerned with giving returns to shareholders are some underlying factors behind the company’s continued success.

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Written by Ruth Olurounbi

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