Transcorp Hotels Plc gross profit rises 143% to N16.23 billion, revenue more than doubles to N21.7 billion


Transcorp Hotels Plc paid a total dividend of N717 million to its 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 corporate and bond credit rating, as two leading rating agencies confirmed the company’s “stable” outlook. » said Mr. Nnorom.

“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”, Ms. Olusola added.

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 %, rising from N1.7 billion in 2020 to N3.7b at the end of 2021”, Mrs. Olusola said.

She expressed optimism that the company’s impressive performance will continue despite the industry’s cautious stance.

“Our main objective will be a continuous investment in innovation which allows us to be dynamic and agile while providing superior offers and service to all our customers. We will continue to innovate and optimize all facets of our business, from operational efficiency to customer engagement and strengthening direct revenue. The good cost-cutting habits and financial strength we have cultivated through nearly two years of volatile market conditions will be reinforced,” Ms. Olusola stressed.

lr: non-executive director, Mr. Alex Okoh; Non-Executive Director, Hon. Pierre Elumelu; Non-Executive Director, Ms. Owen Omogiafo; Managing Director/CEO, Ms. Dupe Olusola; President, Mr. Emmanuel Nnorom; Company Secretary, Ms. Kofo Olokun-Olawoyin; Independent Non-Executive Director, Ms. Bolanle Onagoruwa; and Non-Executive Director, Mr. Alexander Adeyemi during the 8th Annual General Meeting of Transcorp Hotels Plc held at the Transcorp Hilton Hotel Abuja on Monday

Also commenting on the results, Ms Oluwatobiloba Ojediran, Chief Financial Officer of Transcorp Hotels Plc, pointed out that the company continued its impressive performance despite the economic headwinds.

“Gross profit increased by 143% to N16.23 billion for the year ended December 31, 2021, from N6.67 billion in 2020. We also saw revenue growth of 114% to 21 .74 billion naira compared to 10.16 billion naira in 2020”, Mrs. Ojediran said.

In his comments, a shareholder, Chief Olatunde Okelana, while noting that Transcorp Hotels Plc’s flagship hotel, Transcorp Hilton Abuja, is the safest and most serene in Abuja, also added that one of the secrets of Transcorp Hotels Plc’s success is inclusiveness. “Look at the composition of the board of directors”, he underlined, pointing out that 50% of the members of the Council are women.

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. It is also working on a lifestyle resort/hotel in Lagos, which is expected to rival the best of its kind globally, even as it upgrades its property in Calabar to maintain the standards of hospitality the brand is for. known.

Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining the standards of hospitality. Transcorp Hotels is the hotel subsidiary 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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