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Transcorp Hotels continues exceptional Performance, Delivers N29.7b Revenue; To Pay N1.024bn interim dividend

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Transcorp Hotels continues exceptional Performance, Delivers N29.7b Revenue; To Pay N1.024bn interim dividend

… Set To Launch 5,000 Capacity Event Centre

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”) (NGX: TRANSCOHOT), the hospitality subsidiary of Transcorp Group has reported its half-year 2024 results.

The results show continuous exponential growth of the NGX-listed leading hospitality brand, with revenue rising 61 percent to N29.7 billion when compared to the past year and profit growing to N10.5 billion, a 192 percent growth over the N3.6 billion recorded in 2023.

The Company is rewarding shareholders with an interim dividend of N1,024,252,841 at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.

Highlights of Transcorp Hotels H1 2024 Results
H1 2024 Revenue hit N29.7 billion, up 61%, in comparison with N18.5 billion reported in H1 2023.

Profit before Tax rose by 192%, amounting to N10.5 billion in H1 2024, compared to N3.6 billion during the same period last year.

Profit after Tax grew by 157% year-on-year to N6.6 billion in H1 2024, compared to N2.6 billion during the same period last year.

Occupancy grew to 81% in H1 2024, up from 77% in H1 2023.

Revenue per Available Room (RevPAR) increased by 57% to N162,999 from N103,646 during the same period in 2023.

Dupe Olusola, Managing Director/CEO in her comments said the Company continues to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.
 
“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Dupe Olusola stated.  
 
“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders.”
 
“We are excited about the launch of our upcoming 5,000-capacity event centre later this year,” Dupe Olusola added.

This world-class development is expected to attract both regional and international events to Abuja, positioning Nigeria to get more share of the global Meetings, Incentives, Conferences and Exhibitions (MICE) industry estimated at $802.59 billion in 2023, thereby contributing to the nation’s economic growth.

Emmanuel Nnorom, Chairman, Board of Directors stressed that the Company’s exceptional performance in the first half of the year underscores its resilience and strategic foresight in navigating the dynamic hospitality landscape.

He added, “The interim dividend is a testament to our robust financial health and our unwavering commitment to rewarding our investors. It also signifies confidence in our growth trajectory

“As we look ahead, we are confident that Transcorp Hotels will continue to thrive, setting new industry benchmarks in line with our mission of redefining hospitality in Africa.”

About Transcorp Hotels Plc 
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading listed companies with strategic investments in the power, hospitality, and energy sectors. Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels. 
www.transcorphotelsplc.com
 

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NiMet Upgrades Weather Presentation Infrastructure to 4K Resolution, Plan November Launch

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigeria Meteorological Agency (NiMet) is upgrading its weather presentation infrastructure to cutting-edge 4K resolution.

The transformative initiative is being implemented in partnership with global technology leader Chyron and will be launched in November 2024.

The project will significantly enhance NiMet’s weather presentation capabilities, and marks a critical milestone in the agency’s commitment to delivering world-class meteorological services. NiMet will integrate Chyron’s state-of-the-art weather presentation solutions, bringing enhanced processing power, dynamic real-time graphics, and high-definition displays to its broadcasts. The move to 4K resolution will ensure sharper, more detailed visuals, giving Nigerians access to superior weather data that is clear, accurate, and reliable.

The upgrade forms part of the strategic vision of NiMet’s management under the leadership of the Director General and Chief Executive Officer of the agency, Prof. Charles Anosike to reposition the agency. The current management is focused on modernizing the agency’s operational framework to meet international standards, utilizing cutting-edge technology to improve the accuracy, efficiency, and visual clarity of weather forecasts, which are critical to sectors such as aviation, agriculture, and public safety.

The project is also a testament to Prof. Anosike’s focus on innovation and excellence in delivering vital meteorological services that meet the growing needs of various sectors and stakeholders.

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GOCOP partners NCDMB, EMADEB, Dangote, NCAA, Setraco, UBA, NCC, others for 2024 conference 

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Partners for the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) have begun to emerge with the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group leading the train of partners for the event slated for Thursday, October 3, 2024 at the Reverton Hotel, GRA Lokoja, Kogi State.
 
The chairman of the 2024 Conference Planning Committee, Danlami Nmodu, mni, also listed other partners to include Nigeria Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), according to a statement by GOCOP Publicity Secretary, Sir Remmy Nweke.
 
Nmodu was also quoted as saying that the eighth conference would center on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy”  and will hold on Thursday, October 3, 2024 from 10am. The keynote will be delivered by former governor of Cross River State, Senator Liyle Imoke.
 
Additional partners for 2024, he said, comprised the Nigerian Safety Investigation Bureau, Access Bank plc, Zenith Bank plc, First City Monument Bank (FCMB), Fidelity Bank plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB).
 
A major highlight of this year’s conference, Nmodu said, is a business luncheon with GOCOP partners on Wednesday, 2 October, at the same venue, while the conference itself would hold on Thursday, October 3. 
 
Nmodu noted that the 8th edition would be chaired by former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, with the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd) and the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, while a Professor of Political Science at the Federal University Lokoja, Prof. Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma are panellists.
 
Nmodu recalled that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
 
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
 
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”


In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote entitled “2023 Elections: Managing the Process for Credible Outcome.”
 
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
 
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
 
The Guild has over 104 corporate publishers as members.

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IKOSI-ISHERI ANNUAL CULTURAL CARNIVAL TO HOLD IN OCTOBER

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Executive Chairman of of Ikosi-Isheri LCDA, Princess Samiat Abolanle Bada, has told news men that the 2024 Ikosi-Isheri Ketu Magodo Annual Cultural Carnival will hold on October 26-27 2024.

This was announced yesterday during a news press briefing inside the Senator Adebayo Oshinowo hall within the LCDA.

The themed for this year event is “Our Heritage, Our Pride: A Celebration of Culture and Unity.”

The two-day carnival, scheduled for October 26-27, 2024, promises to be a vibrant celebration of the community’s rich traditions and cultural diversity.

The event will feature a parade of ethnic groups, music, dance, art, and performances by renowned artistes.

The Mayoress expressed her gratitude to sponsors and partners for their support, emphasizing the importance of preserving and celebrating the community’s cultural heritage. She invited everyone to join in the celebration, promising a memorable and enriching experience.

The carnival’s lineup includes:

Day One (October 26):

– Parade of ethnic groups
– Opening ceremony with Governor Babajide Olusola Sanwo-Olu and other dignitaries
– Performances by guest artistes, including Qdot, Haruna Ishola Band, and Kegites Group

Day Two (October 27):

– Performances by Malaika, Ayo Maff, Candy Bleakz, and upcoming artistes
– Raffle draws

Princess Samiat emphasized the harmonious relationship between traditional leaders and the Local Government in Ikosi-Isheri LCDA. She cited the recent Isese Day celebration, where the council played a supportive role, as an example of this cordial relationship.

Addressing concerns about her stance on religion, Mayoress Bada clarified that she never said she would not allow religion to thrive. Instead, she assured that everyone is equal and has the right to practice their faith without discrimination.

Mayoress also stated that the carnival is designed to showcase the rich cultural heritage of Ikosi-Isheri to the younger generation, ensuring they are aware of their roots and cultural identity.

The carnival aims to promote local businesses, stimulate the local economy, and boost tourism in the area. It also serves as an opportunity for cultural exchange, networking, and showcasing the community’s heritage to foreign investors.

The Mayoress warmly invites everyone to join in the celebration and experience the beauty of the community’s culture.

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