Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”) (NGX: TRANSCOHOT) has announced results for the half year ended June 30, 2022, sustaining its impressive performance since its 2021 recovery. The top hospitality company, a subsidiary of Transnational Corporation Plc. (Transcorp Group), reported a revenue growth of 71 percent to end the half year ended June 30, 2022, with N14.99 billion from N8.77 billion revenue during the same period in 2021. Profit before tax grew to N2.37 billion in HY 2022 from a loss of N110.74 million during the same period in 2021.
Occupancy averaged at 79 percent at the hotel’s flagship property, Transcorp Hilton Abuja during the first half of the year, as the global economy continues to open and travel, and tourism recovery continues. This is a massive improvement on the previous year when the hotel recorded an occupancy rate of 54 percent over the same period.
Dupe Olusola, Managing Director/ CEO of Transcorp Hotels, while commenting on the results noted that, Transcorp Hotels Plc’s properties in Abuja and Calabar remain the first-choice destination for high-profile guests, catering to guests from all over the world for any travel need including business and leisure.
“We have delivered an excellent performance in the first half of the year. We are constantly innovating and tailoring our services to the needs of our guests. We are particularly proud of the spectacular performance in our domestic tourism and leisure segment despite the recovery in our International Business Traveller (IBT) and Group Business Segments. Our IBT and Group business segments have continued to recover and contribute significantly to our growth. This is a testament to our commitment to continually create value for our customers and stakeholders in line with our corporate mission.
Our half-year performance has strengthened our confidence in our ability to continue to grow and improve profitability, ensuring great returns to our shareholders,” the Managing Director/CEO added.
The hospitality brand is investing in some major projects to expand its operations and further enhance value. These projects include improvements at its hotels, especially Transcorp Hotels Calabar where rooms and facilities are being upgraded.
The Company is also developing an event center at Transcorp Hilton Abuja which will be equipped to host major events in the capital city. The project is expected to be completed in March 2023. Transcorp Hotels is also working on extending the rooming at Transcorp Hilton Abuja to cater to the frequent overflow, as the hotel remains first choice for guests in Abuja. Other projects are billed for Lagos and Port Harcourt.
The Chief Finance Officer, Mrs. Oluwatobiloba Ojediran, while commenting on the results highlighted the stellar performance of the Company and stressed the importance of continuous improvement in operational efficiency which has supported growth.
“Our robust performance is in spite of rising consumer prices, including the price of diesel which escalated to an all-time high during the period under review,” Mrs. Ojediran said.
The Company continues to set the standard in the hospitality industry with innovative ideas, focus on excellence, execution, and enterprise as its core values that help to sustain its exceptional performance, as demand continue to rise.
Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc. (Transcorp Group). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking accommodation, food and memorable lifestyle experiences.
· Record H1 Revenue of N14.99bn
· Excellent performance with H1 PBT of N2.37 bn
· Impressive Recovery of the IBT and Group Business
· Portfolio transformation and expansion
· Renovation and Upgrade of Transcorp Hotels Calabar
