November 28, 2022

Global News

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Transcorp Hotels Plc Continues To Win Delivering Impressive Q3 Performance, Grows Revenue By 55% Y-O-Y To 22.7bn

3 min read

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Profit before tax expands to N3.3bn as the leading hospitality brand continues to redefine standards

 Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”) (NGX: TRANSCOHOT) has announced results for the nine months ended September 30, 2022, as it continues its impressive performance, maintain its position as a leading hospitality brand. The company which owns Transcorp Hilton Abuja, Transcorp Hotels Calabar and accommodation booking platform Aura by Transcorp Hotels, reported a revenue growth of 55 percent year-on-year to N22.7 billion for the period under review, from N14.6 billion during the same period in 2021. Profit before tax grew to N3.3 billion by the end of September 30, 2022, from N745 million during the same period in 2021. 

The hospitality company, a subsidiary of Transnational Corporation (Transcorp Group) also recorded an average occupancy of 78 percent at its flagship property, Transcorp Hilton Abuja during the first nine months of 2022, outperforming industry average.

Dupe Olusola, Managing Director/CEO of Transcorp Hotels, commenting on the results noted that, Transcorp Hotels Plc continues to deliver and reinforce its position as Africa’s leading hospitality brand, upholding its excellent services and tailored offerings to its guests and stakeholders

“We believe in providing excellent service and delivering value to our guests and all stakeholders through innovation and in line with our mission. Our International Business Traveller (IBT) and Group business segments have continued to recover impressively, contributing more to our overall growth. This performance did not go unnoticed, with Transcorp Hilton Abuja winning the Africa’s Leading Business Hotel award for the eighth time in eight years,” Mrs Olusola added.

The award by the travel industry’s most prestigious awards programme World Travel Awards, was one of five awards won by the hotel in the 2022 edition of the awards. Transcorp Hilton Abuja also won awards for Nigeria’s Leading Hotel, Nigeria’s Leading Business Hotel, Nigeria’s Leading City Hotel, and Nigeria’s Leading Hotel Suite (the Presidential Suite), winning in the five categories it was nominated for. The hotel’s Zuma Restaurant also won the World Luxury Restaurant Award for 2022.

We never take our position for granted or rest on our laurels. “We continue to ensure that we deliver a strong performance to enable us return value to our shareholders,” Mrs. Olusola added.

Also commenting on the result, Chief Finance Officer, Mrs. Oluwatobiloba Ojediran noted that the Company has continued to strengthen its operational efficiency to maximise gains.

“We recorded an impressive Revenue Per Available Room (RevPAR) of N77,461 and an Average Daily Rate (ADR) of N99,052. Our earnings per share grew 228.6 percent to 23 kobo, from 7 kobo during the same period in 2021,”Mrs Ojediran said.

The Nigerian Exchange Group (NGX)-listed hospitality company has continued to record impressive growth. The company, whose sights are set on expansion is expected to deliver a world-class event centre at its Abuja property in 2023 and also continue working on its property in Ikoyi, Lagos, even as it locks in nation-wide expansion through its digital hospitality platform Aura by Transcorp Hotels. With Aura by Transcorp Hotels listing quality hotels and apartments on the platform, and making booking of these verified properties seamless, Transcorp Hotels is expanding its inventory, now close to 6,000 rooms across owned properties and others listed on Aura by Transcorp Hotels.

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, an online platform for booking accommodation and memorable lifestyle experiences. 

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