The Group is principally engaged in hospitality activities; rendering of hotel services by providing luxury accommodation, exotic cuisines, fully equipped meeting rooms and leisure facilities to business travelers and tourists from all over the world.
Transcorp Hotels, which started the year trading at N6.25 per unit, ended the year priced at N70.18 per share. This marked about 1,027 per cent appreciation in capital gain in the year. With total assets growth of 4.6 per cent and 36.19 per cent growth in revenue, in its 2023 audited financial statement, the Board of directors recommended an interim and final dividend of N2,048,505,682.20 (2022: N1,331,528,693.43) equivalent of 20 kobo per ordinary share for the year ended 31 December 2023. This will be presented at the next Annual General Meeting for Shareholders ratification and approval. This is subject to applicable withholding tax rate.
| GROUP | |||
| 31 Dec 2023 N‘000 | 31 Dec 2022 N‘000 | % Change | |
| Revenue | 41,455,877 | 30,439,219 | 36.19 |
| Gross profit_ | 29,785,384 | 21,737,487 | 37.02 |
| Operating profit | 13,144,201 | 8,766,963 | 49.93 |
| Profit before taxation | 9,482,053 | 4,634,023 | 104.62 |
| Profit after tax | 6,253,966 | 2,862,483 | 118.48 |
| Total non-current assets | 108,253,996 | 110,405,032 | -1.95 |
| Total current assets | 17,840,920 | 10,082,350 | 76.95 |
| Total Assets | 126,094,916 | 120,487,382 | 4.65 |
| Total Equity | 66,796,370 | 62,789,614 | 6.38 |
| Total non current liabilities | 26,987,372 | 28,392,256 | -4.95 |
| Total current liabilities | 32,311,174 | 29,305,512 | 10.26 |
| Total Liabilities | 59,298,546 | 57,697,768 | 2.77 |
| Total Equity and Liabilities | 126,094,916 | 120,487,382 | 4.65 |
The group financial for the year shows a revenue growth of 36.19 per cent, a profit after tax of 104 per cent and a 76.95 per cent growth in assets.
FINANCIAL RATIOS
| 2023 | 2022 | % Change | |
| Acid Test Ratio | 0.66 | 0.36 | 0.61 |
| PBT Margin (EBITDA) | 22.87 | 15.22 | 50.24 |
| PAT Margin | 15.09 | 9.40 | 60.42 |
| ROA | 4.96 | 2.38 | 108.76 |
| ROE | 9.36 | 4.56 | 105.37 |
| EPS | 60.00 | 26.00 | 130.76 |
