Transcorp Hotels Plc Statement of comprehensive income for the period ended 30 June, 2017, showed that irrespective of the closure of Abuja Airport due to reconstruction work, and it’s reopening late April, the company performed well in 2017 second quarter.
The company’s second quarter result for the period recently released by the Nigerian Stock Exchange (NSE) showed that revenue closed at N6.2 billion, in spite of a drop in foreign airline traffic to Abuja due to airport closure for repair works. Transcorp Hotels Plc, it will be recalled embarked on the renovation of its executive floors, which was concluded in the last month of the Q2.
Transcorp Hotels Plc on June 9th announced the reopening of the Executive Floors and Lounge of its flagship Transcorp Hilton Abuja. The reopening marks a milestone in the ongoing $100 million renovation project of the historic and award-winning five-star hotel, leading up to its 30th-anniversary commemoration which was marked recently.
Valentine Ozigbo, Managing Director/CEO, Transcorp Hotels Plc, while speaking on the reopening, said, “our guests have grown to expect nothing less than the very best from us. That includes the pinnacle of customer service, overall comfort, and a level of aesthetic appeal rivalled by no other hotel in Nigeria. The complete overhaul of the Executive Floor and Lounge is a testament to our commitment to delivering an extraordinary experience to our guests.”
The Q2 result showed that revenue generated by the hospitality group closed at N6, 199,850 billion, compared with N7, 607,634 in the corresponding period in 2016. Revenue of the company also followed the same trend, closing at N5, 784,333 billion, from N7, 260,003 billion in Q2 2016. Administrative expenses for the group in Q2 2017 closed at N3, 644,834, from N3, 580,039 in Q2 2017, the company administrative expenses closed Q2 at N3, 387,348b from N3, 361,639b in 2016 Q2. The company’s result further showed that other operating income for the group and company closed Q2 at N92, 832 against N221, 486 posted in Q2 of 2016. The group’s operating profit closed at N948, 512 from N2, 417,076b recorded in 206 second quarter, while that of the company closed at N941, 131m, compared with N2, 409,010 recorded in the corresponding period 2016. Profit before taxation for the group closed at N1,096,844 in the second quarter 2017, which was against N2,745,954b posted by the group in the same period of 2016.
The company’s profit before tax for the Q2 closed at N1, 089,463b, from N2, 737,111b recorded in 2016 Q2. Income tax expense for the group closed Q2 at N339, 218m, from N856, 213m posted in the prior period of 2016. For the company, the same was tax expenses was recorded for 2017 and 2017 Q2. Profit for the period for the group closed at N757, 626 from N1, 889,74b in 2016, while the company recorded N750, 245m in Q2 2017, against N1, 880,8b recorded in the prior period of 2016.