Transcorp Hotels gross profit rises 143% to N16.23 billion – The Sun Nigeria


Transcorp Hotels Plc said it paid a total dividend of N717 million to shareholders at its 8th Annual General Meeting held at the Transcorp Hilton Abuja on Monday.

Chairman of the Board, Mr. Emmanuel Nnorom, said the company closed the 2021 financial year strong, with an impressive gross revenue of N22 billion, surpassing its pre-COVID revenue. of 2019 by 20 billion naira.

“Our disciplined approach to financial management continued to deliver results, as evidenced by the reduction in financial expenses during the year. During the year, Transcorp Hotels maintained its credit rating for the company and the bonds, as two leading rating agencies confirmed the company’s ‘stable’ outlook,” Mr Nnorom said.

“The pandemic has changed guest behavior, check-in and check-out patterns, and the geographic distribution of hotel operations. We have harnessed all of this and led the market by outperforming the industry average and the N10 billion revenue recorded in 2020,” the Chairman added.

In her address, the Managing Director/CEO of Transcorp Hotels Plc. Ms. Dupe Olusola, noted that occupancy – the proportion of hotel accommodation occupied – which started at 55% in January has steadily increased to reach a record high of 80% in December 2021. The average daily rate (ADR) has also increased from N69,000 in January 2021 to N83,000 in December 2021.

“We remained the superior choice for everyone, including many global leaders and dignitaries from around the world whom we welcomed in 2021. We continued to strengthen our position as a comprehensive industry leader with an increased focus on the providing excellent quality of service, customer satisfaction and safety,” added Ms. Olusola.

Reiterating the Chairman’s statement on revenue, the Managing Director/CEO noted that the company closed the year 2021 with an impressive gross revenue of N22 billion. “This good progress reflects the growth achieved in most of our business segments and the strengthening of our leisure activity. We have become more innovative in our leisure activities segment in response to the COVID-19 pandemic which has been a key success factor for us in 2020. We pushed further in 2021 and increased revenues in this segment by 118 % from 1.7 billion naira in 2020. to 3.7 billion naira at the end of 2021,” Ms Olusola said.


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