Business
Transcorp Hotels nets N31.44bn revenue for 2022
The revenue of Transcorp Hotels grew by 46.8 per cent between January and December 2022, the company’s 2022 Consolidated and Separate Financial Statements show.
Transcorp Hotels generated N31.44 billion within 12 months last year, which is N10.02 billion more than the N21.47 billion it grossed a year before.
The hotel business also brought in N22.38 billion as grossed profit for the period in review, rising by 40.7 per cent when compared to the N15.9 billion gross profit in 2021.
In the same vein, the cost of making its services available to the public cost Transcorp Hotels N9.05 billion in 2022, in contrast to the N5.51 billion cost of sales recorded the previous year.
READ ALSO:Transcorp Hotels’ board director, Alexander Adeyemi, quits
The financial statement also disclosed Transcorp Hotels net N2.61 billion profit after tax for operations in the first and second half of last year.
This is a 134.3 per cent increase in the bottom line of Transcorp Hotels, considering the hospitality business reported N1.11 billion as net profit in 2021.
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