By Modupe Gbadeyanka
The board of Transcorp Hotels has announced the full year financial results of the company for the period ended December 31, 2018.
The firm, in its financial scorecard released to the Nigerian Stock Exchange (NSE), recorded 25.9 percent growth in the revenue generated in the period under consideration compared with the same period of 2017.
In the financial results briefly analysed by Business Post, Transcorp Hotels declared a revenue of N17.425 billion in FY 2018 in contrast to the N13.844 billion achieved in FY 2017.
Also, the gross profit grew to N12.889 billion from N10.080 billion, but the other operating income dropped to N571.3 million from N1.179 billion a year earlier.
The results further showed that the cost of sales rose to N4.536 billion from N3.763 billion just as the administrative expenses moved up to N8.431 billion from N7.796 billion.
The finance income of the firm as at December 31, 2018 stood at N12.2 million compared with N217.2 million as at December 31, 2017.
In the period under review, the profit before tax rose to N5.042 billion from N3.680 billion, while the profit after tax appreciated to N3.712 billion from N2.682 billion.
Meanwhile, the board has recommended the payment of a final dividend of 15 kobo per share, amounting to N1.140 billion, lower than the nearly N800 million paid for the 2017 financial year.
It stated that the dividend payment was subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 27 February 2019.
Aduragbemi Omiyale