Transcorp Hotels Plc gross profit rises 143% and revenue rises 114% to end record year at N21.74 billion


Transcorp Hotels Plc has announced its audited financial statements for the year ended December 31, 2021. Results published on the Nigerian Group Exchange showed revenue growth of 114% to N21.74 billion from N10.16 billion. in December 2020, while gross profit increased by 143% to N16.23 billion from N6.67 billion.

The company’s results show impressive performance growth, signaling its strong recovery from the impact of the COVID-19 pandemic in 2020. The performance also reflects the company’s resilience and agility, as it relies constantly on innovation to achieve outstanding performance, breaking occupancy, and revenue records in 2021.

“We are very pleased with the incredibly strong operational performance of our business as most segments improved in 2021. Our leisure demand remained strong throughout the year as the various leisure packages introduced continue to drive the occupation,” said Ms. Dupe Olusola, Executive Director/Head. Managing Director of Transcorp Hotels Plc.

“We believe that Transcorp Hotels Plc is well placed to continue to capitalize on the recovery of the hospitality industry as we strive to realize our vision of becoming the leading hotel brand in Africa. We are on the launch of several projects that have been in the works to advance our game of being a full-service hotel brand and diversify our portfolio,” Ms. Olusola added. “We are excited about the opportunities for continued growth in 2022 as we remain focused on building our business and investing for the future.”

Mr. Emmanuel Nnorom Chairman Transcorp Hotels Plc. in his comments, he expects the hospitality industry to continue to recover in 2022.

“As the domestic leisure, business and bleisure segment – ​​business travelers who also add leisure activities to their stay – continue to grow, even with the return of international guests, we expect the ‘hospitality industry continues its recovery’, Mr Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.

“Having led the business out of the effects of the pandemic and back to profitability, our management team has shown the resilience and potential of our business, and a sign of the bright future ahead of us. Supported by a Board of Directors committed to corporate governance and organizational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns,” Mr. Nnorom added.

The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the tone in the industry, cementing its position as a premier hospitality brand. During the second half of 2021, the company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book various types of experiences, including visits. Transcorp Hotels continued to strengthen its business and invest for the future. The company is developing a world-class event center at the Transcorp Hilton premises in Abuja. He is also working on a lifestyle center/hotel in Lagos which is expected to rival the best of its kind globally.

The hotel brand says its business is in line with its mission to redefine the standards of hospitality in Africa through innovation and exceptional service, creating value for its customers and other stakeholders.

Transcorp Hotels Plc has proposed a final dividend of 7 Kobo per share, subject to appropriate withholding and shareholder approval.

About Transcorp Hotels Plc.

Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining the standards of hospitality. Transcorp Hotels is the hospitality of Transnational Corporation of Nigeria (Transcorp). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, dining and memorable lifestyle experiences.

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