Transcorp Hotel Plc has posted a growth of 28 per cent in its Group revenue for the first three month of it financial year, ended March 31, 2018.
This was disclosed in the company’s result released at the weekend on the Nigerian Stock Exchange (NSE) as its revenue moved from N3.816 billion to N2.988 billion under the period review.
Profit before tax rose by 61 per cent to N874.28 million from N543.17 million, profit after tax appreciated by 52.8 per cent to N593.62 million from N388.41 million in 2017, while earnings per share stood at 27 kobo.
Cost of sales up from N845.023 million to N1.02 billion, resulting to a gross profit of N2.79 billion from N2.14 billion in 2017. Operating profit appreciated by 99.4 per cent to N872.99 million from N437.8 million in 2017, while finance income reduced by 98.78 per cent to N1.29 billion as against N105.36 billion in 2017.
Total assets stood at N103.34 billion compared to N100.53 billion as at December 2017, while total liabilities went up to N47.82 billion compared to N45.6 billion on December 2017. Last Month, shareholders at the company’s fourth Annual General Meeting in Abuja gave their approval to the management of the firm to raise the sum of N40 billion for the upgrade the Transcorp Hilton Abuja.
The raising of the N40 billion may be done either through the way of public offering, rights issue, private placement, bonds or any other method that the directors of the company deem fit.
Speaking at the event, the outgoing chairman, Transcorp Hotels, Mr. O’tega Emerhor, said, “The year 2018 portends to be interesting, being a pre-election year for the 2019 general elections. We intend to improve our revenue by adopting innovative strategies that will take advantage of potential increase in economic and political activities.”
Following a successful initial public offer (IPO), the company was in January 2015 listed on the Nigerian Stock Exchange (NSE).