April 03, (THEWILL) – When I was appointed MD/CEO of Transcorp Hotels Plc in March 2020, I stepped into a company with strong numbers—₦19 billion in revenue and ₦1.1 billion in Profit Before Tax (PBT).
Almost five years later, in December 2024, I bowed out with an incredible achievement of ₦70.1 billion in revenue, ₦22.6 billion in profit before tax, a skyrocketed share price, and incredible value delivered to our stakeholders. What an amazing journey!
I officially took the reins on March 25, 2020—just as the world came to a standstill. The COVID-19 pandemic hit, and the hospitality industry was shaken to its core.
Revenues plunged to N10.2 billion, a loss of N8.9 billion, occupancy dwindled to almost 5%, and share prices tumbled. Our hotels, once bustling with life, became eerily quiet. But giving up was never an option.
With an exceptional team by my side, we chose to fight, to think differently, and to innovate relentlessly. Phew!!! Our mission wasn’t just to survive—it was to redefine hospitality and emerge stronger.
We introduced bold, never-seen-before offerings:
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A drive-through cinema in our parking lot
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Expanded takeaway and delivery services
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Curated leisure and staycation packages
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Laundry services beyond hotel guests
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Creative engagement strategies to keep guests connected
It wasn’t easy. It was an all-hands-on-deck battle—sweat and blood, literally! It took everything—grit, strategy, and an unshakable belief in our vision. But the results? Phenomenal.
We didn’t just recover—we soared. And year after year, we built on that momentum, knowing it could never be business as usual. We delivered exceptional guest experiences, strengthened shareholder value, and made history as the first trillion-naira hospitality company on the NGX.
By the time I stepped down, we had transformed the business from the records in 2019 to the incredible feat in 2024
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Revenue skyrocketed from ₦19 billion to ₦70.1 billion
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Profit surged from ₦1 billion to ₦22.6 billion
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Shareholders now enjoy record dividends—from 7 kobo per share (₦536M paid in 2019) to 74 kobo per share (₦7.58B in 2024). Amazing.
Truly, I am beyond grateful. This journey—almost five years as CEO and nearly two decades with HH and Transcorp Group (lol, am I really that old?!)—has been nothing short of extraordinary. Leading, learning, innovating, and driving impact at this scale has been an honor. To my incredible team, the Transcorp family, and the Chairman—thank you for believing in me, challenging me, and pushing me to deliver at my highest level.
Today, as the AGM announces this outstanding results achieved in the 2024 financial year and the increased dividends for the shareholders, I look back with immense gratitude. We built something extraordinary—* something that will outlast us.
Because Legacy matters. We build to last.
As I step into my next chapter, I do so with excitement, purpose, and an unshakable commitment to excellence. The journey continues. The best is yet to come.
Whatever you do—commit to excellence. Let your results speak. That’s what truly matters!
Grateful Always…
*** written by Dupe Olusola, former Managing Director, CEO, Transcorp Hotels Plc.
