Transcorp Hotels Plc has announced a N7.6 billion total dividend payout for the 2024 financial year and revealed plans for a new flagship 5-star hotel in Ikoyi, Lagos.
This announcement came during the company’s 11th Annual General Meeting (AGM) held on Thursday, April 3, 2025. According to the Chairman, Emmanuel Nnorom, shareholders approved a final dividend of 64 kobo per share, bringing the total dividend for the year to 74 kobo per share, including the interim dividend of 10 kobo paid mid-year.
“This reflects our commitment to delivering sustainable value to our shareholders,” Nnorom stated at the meeting.
In the same breath, Uzo Oshogwe, Managing Director/CEO of Transcorp Hotels Plc, introduced the company’s ambitious new project — Transcorp Hotels, Ikoyi — set to redefine luxury hospitality in Lagos. She described the property as a “flagship 5-star development designed to revolutionize urban guest experiences.”
Transcorp Hotels reported impressive growth in 2024. Gross revenue surged by 69.18% year-on-year, hitting N70.13 billion. Profit before tax stood at N22.613 billion, marking a 138.48% increase. Total assets rose 12% to N140.7 billion from N126.09 billion in 2023.
Chairman Nnorom attributed this growth to the company’s strategic focus on pricing optimization and service excellence, even amid challenges like currency fluctuations and rising energy costs.
Looking ahead, the board is optimistic about leveraging Nigeria’s expected economic rebound. Nnorom cited tourism, increased consumer spending, and a robust non-oil sector as key opportunities.
He also highlighted potential gains from targeted fiscal policies and private sector partnerships projected to attract over $5 billion in FDI this year, according to the UN Conference on Trade and Development.
CEO Oshogwe echoed this outlook, stressing the need for strategic thinking, innovation, and resilience to stay competitive in an evolving hospitality market.
With strong financial results and a bold expansion plan, Transcorp Hotels Plc is positioning itself as a leader in Nigeria’s hospitality sector. Shareholders and industry watchers alike are anticipating the impact of its Ikoyi flagship project and continued strategic growth.
