The hospitality subsidiary of Transcorp Group, Transcorp Hotels Plc (NGX: TRANSCOHOT), has posted a gross profit of N22.4 billion in the year-end 2022, representing a growth of 41 percent above the N15.9 billion recorded in 2021.
Transcorp reported a 47 percent growth in total revenue for the year to N31.4 billion in 2022. That is a 172 percent growth profit before tax, the highest-ever annual revenue since the inception of the company.
The company also reported a profit before tax of N4.5 billion, a 172 percent increase year-on-year, having ended 2021 with a profit before tax of N1.7 billion, the company disclosed at its 9th annual general meeting held at Transcorp Hilton in Abuja.
Commenting on the results, managing director/CEO of Transcorp Hotels Plc, Dupe Olusola said, “We are excited to have delivered another exceptional year of revenue growth with a 47 percent increase to ₦32 billion in 2022 from the ₦21.7 billion recorded in 2021. The full-fledged return of our international business travel segment and the continued strong leisure demand contributed immensely to this performance”.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is as a result of the detailed execution of our strategy, our out of the box approach, our nimbleness and unswerving commitment to delivering value to all our stakeholders.”
Transcorp Records 21% Rise In Revenue To N134.7bn
The chairman of the board of directors, Emmanuel Nnorom announced a total dividend payment of N1.33 billion at 13 kobo per share, stating that the company closed the 2022 financial year strongly.
“Our continued focus on strategic financial manage
ment remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, “the chairman added.
Mr. Nnorom further stated that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies”.
“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the chairman said.
The Nigerian Exchange Group (NGX)-listed hospitality brand has continued to reinforce its position as a leader in the industry, winning 16 awards in 2022, including five world travel awards won by Transcorp Hilton Abuja and the most outstanding hospitality brand of the year won by Transcorp Hotels Plc. The company has continued to strengthen its business and invest for the future through strategic expansion. It is developing a world-class event center at the Transcorp Hilton premises in Abuja. Another development, Transcorp Hilton Ikoyi, is expected to commence in Lagos soon. The company has continued to expand in Nigeria through its online booking platform Aura by Transcorp Hotels, with over 5,000 keys now in Transcorp Hotels’ portfolio, both in ownership and management.
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