Business

Transcorp Hotels increases profit by 172%, revenue up 47% to N31.4bn

Published

1 year ago

April 5, 2023

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has reported a profit before tax (PBT) of N4.5 billion, representing a 172 percent rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021.

The Company also reported a 47 percent growth in revenue to N31.4 billion in 2022.

The leading hospitality brand made this known at its 9^th Annual General Meeting held at Transcorp Hilton Abuja on Monday.

Commenting on the results, Dupe Olusola, Managing Director/CEO Transcorp Hotels Plc said, “We are excited to have delivered another exceptional year of revenue growth with a 47% 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 financial performance we achieved in 2022, despite adverse economic conditions,

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 management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, “Nnorom added.

He stated that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech”.

Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp). The Company’s hotels include the Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food and lifestyle experiences.

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