April 8, 2023
By InvestAdvocate
Hospitality giants, Transcorp Hotels Plc has excited its shareholders with a N1.3 billion dividend approved at its ninth Annual General Meeting (AGM) in Abuja Nigeria last Monday translating to 13 kobo per share dividnend in the 2022 financial year end.
” The mood was completely exciting and I have talked to my management and board, it was a barrage of praises from one shareholder to the other on how we manage to pull this fit despite the challenging business environment,” Dupe Olusola Managing Director/CEO of Transcorp said in a recent interview with TVC.
The Hospitality giant in the review reported a pretax profit of N4.5 billion compared to N1.7 billion in the corresponding year of 2021 representing an impressive growth of 172 percent increase, posttax profit was a N2.6 billion.
“It feels exciting coming from the Covid pandemic when on a consistent basis the firm was making losses, we had to look inwards and from that point on to now when were are making profit; but phenomenal growth in revenue making 172 percent in pretax profit which is really exceptional, for me it feels really rewarding and encouraging for I and my team members, its was a combination of hard-work, dedication and consistently thinking outside the box,” she added.
Similarly, Trancorp Hotels declared a total revenue of N32.7 billion in 2022 end compared to N21.7 billion in the preceding period of 2021; amounting to an increase of 47 percent.
“According to Olusola, Transcorp Hotels remain committed to redefining hospitality in Africa through innovation and exceptional services as they unlock value for all its stakeholders..
“One I had to say i have a great team without a doubt , its wonderful when you are leading the team that really gets its and wants to do so much,” she said.
The transcorp Hotels CEO affirmed that they have remained innovative; but prior to the pandemic, they had focused on banqueting, conferencing and business travelers. “So, what we had to do was to go back to the drawing board on how to diversify the segment, and how to make sure we deliver more to customers,” Olusola noted.
She said beyond business travels and conferences, Transcorp Hotels introduced so much in terms of leisure at the hotel by utilising the wonderful assets they had which prior to now they had not markted. “We had wonderful asstes we had not actually marketed, from our pool side, to our tennis court to our bar and club” she affirmed.
The Transcorp Hotels CEO said the outlets and restuarants were constantly having routine nights which they used in ecouraging customers to come. ” We recently just last week opened a Spar, so we are very focused on how much value we can deliver to all of our guest and even during the pandemic, we had two options to shutdown or just be aggressive and pull in a market we are not neccesarily doing before,” she said.
According to her, Transcorp came up with the idea of a drive-in cinema which has never been done before in Nigeria. “We are constantly challenging ourselves to just break the barrires, think outside the box and just do more, when you do, when we put so much effort and innovation and it pays off, its really exciting for us,” the Transcorp CEO added.
