By Lateef Adbite
In spite of the down turn in the nation and global economy, between of much last year and now, Transcorp Hotels Management team appears to have devised new marketing strategies to remain atop among its competitors to boost its expansion plans, which many believe have remained a source of confidence to its investors.
The volatility of the naira in both the country’s Autonomous foreign exchange Market, AFEM and the Parallel, popular, Black market, coupled with the removal of the Premium Motor Spirit, PMS, popular, petrol subsidy, by the current President Bola Ahmed Tinubu’s Administration which he had said was necessary ‘’to prevent the country from being bankrupt’’ and the exchange rate unification to allow the local currency compete favourably with other world currencies was enough to slow down its Hospital business.
The reverse was the case as the Management of Transcorp hotel, according to analysts have been able to that mange that turbulence as they appear prepared for exclusivity in Hospital business and rapid Communication with Customers to really see what is necessary and what needed to be done to improve on its services.
This is evident going by the Firm’s impressive performance over the years. Take for instance, in the 2023, fiscal year, the Hotels’ annual profit was said to have grown by .2% to N41.46 billion from N30.44 billion in 2022. The Hotels’ Gross Profit, according to Emmanuel Nnorom, the Chairman, billion grew N29.79 billion or 37%, higher than the N21.74 billion realized in the 2022 fiscal year while the Profit Before Tax, PBT, the Chairman stated further grew to N9.48 billion from the N4.63 billion in 2022.
The Transcorp Hotels Chairman, Board of Directors, who could not hide his feelings had said that the Hotels exceptional performance over the years’’ underscores its unwavering commitment ‘’to excellence and sustainable growth’’. He was emphatic that the Hotels’ ‘’strict adherence to corporate governance principles has been fundamental in guiding its strategic decisions’’.
He noted that the impressive achievement of the Hospitality company clearly shows its confidence in continuous business growth which ha consistently improved its shareholders’ return over the years and beaten its competitors to it.
The impressive performance of the Hospitality firm, in the 2023, fiscal year, may have informed why Nnorom led Board Directors in its appreciation was said to have approved the sum of over N2 billion to be paid as dividend to the company’s shareholders, amid great applause at its Monday, April 29, 2024, Annual General Meeting, AGM, at Abuja, the Federal Capital Territory, FCT.
A participant att the Transcorp Hotels AGM, told The Value News, that the Chairman has hardly completed his remarks of breaking the good news that for the shareholders to have given approval to the N2 billion recommended dividend.
Dupe Olusola, the Company’s Chief Executive Officer, CEO, may have gladdened the heart of the shareholders when corroborated the view of the Chairman of the Board that ‘’2023, was a year, of exceeding performance as the Hotels leveraged increased demand to set new operational and Final records’’.
She averred that ‘’by strategically investing in opportunities that align with its growth objectives,’’ the company has achieved impressive outcomes’’ which will hardly be matched by any other Hotel of its size providing the same services in the same market to Customers.
She had said that the Hospitality firm business expansion over the years has been propelled ‘’ by reinforcing its capital base, enhancing operational efficiency, and exercising fiscal responsibility to foster sustainable growth and create value for the shareholders’’.
Transcorp Hotels CEO, was said to have stated further stated that ‘’the sensitive momentum created by the company’s successful strategy has given confidence for its 2024 business outlook and beyond’’. Given an insider information, she was said to have ‘’acknowledged the silence and dedication of the Hotels Management team, under her Leadership, stressing that its impressive performance in the 2023, fiscal year , was ‘’a reflection of heir commitment and hard work’’.
The shareholders may have been given opportunity by the Chairman to air their views at the at the AGM. Olatunde Okelana, a longtime shareholder of Transcorp Hotels, who could not hide his excitement at the year to year growth , had declared that he has’’ absolute confidence in the future of the company’’, under the present Management led by Mrs Olusola, described as a workaholic in Hospitality business circles.
Hear Him: I have watched this company grow I leaps and bounds over the years’’’, noting that returns to shareholders is growing impressively on a yearly basis, which he owes to the Hotels experienced members of the Board of Directors and excellent Management team led by Mrs. Olusola. The future holds bright for the company’’, he had said.
Bisi Bakare, another shareholder who was said to have spoken at he Transcorp Hotels, AGM, at Abuja, the FCT, had commended Mrs. Olusola and her Management team for taking the Hotels business to another level, stressing ‘’the importance of the core values of Excellence, Execution and Enterprise’’.
He had reiterated that ‘’the triple Es, have been the bedrock of the Hotels business as it has yielded profit’’.According to him, the multi-billion naira Hotels is ‘’strengthening its asset base through its ongoing expansion efforts ’’. He is optimistic that going by the impressive performance of the present Management team of the company, a new world –class event centre is expected to open before the end of the 2024, fiscal year to add to its growing business.
He had remarked that the 5,000 capacity event centre which is purpose- built is expected ‘’to host both local and international programmes and exhibitions’’. At present, the company is developing a multi-billion naira 315-room 5-star hotel at the heart of Ikoyi , Lagos.
The Transcorp Hotels shareholder had told those cares to listen that ‘’through the property , the company will be able to further tap into the global luxury hotel market , estimated to expand to $107.77 billion in 2024, reaching the $ 1577.59 billion bracket by 2029.
Note that, Transcorp Hotels plc, which is a hospitality company, is a subsidiary of Transnational Corporation plc, popular, Transcorp Group, described as one of the African Continent leading leading , listed Companies with strategic investments in the power , hospitality and energy sectors of the African economy.
Many believe that ever since the Transnational Corporation plc, entered into the hospitality business, it ha redefined he hospitality standards in Africa through its businesses, including the iconoic Transcorp Hilton , Nigeria’s flagship hospitality destination and digital platform, Aura by Transcorp hotels.
