BUSINESS

Transcorp Hotels Records Revenue Growth Of 55% In Nine Months 2022

 

Transcorp Hotels Plc has announced results for the nine months ended September 30, 2022, reporting revenue growth of 55 per cent year-on-year to N22.7 billion for the period under review, from N14.6 billion during the same period in 2021.

NewsBeatng reports that 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 per cent at its flagship property, Transcorp Hilton Abuja during the first nine months of 2022, outperforming the industry average.

The Managing Director/CEO of Transcorp Hotels, Dupe Olusola, 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 Africa’s Leading Business Hotel award for the eighth time in eight years,” Olusola added.

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.

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

Also commenting on the result, Chief Finance Officer, Mrs. Oluwatobiloba Ojediran, noted that the company had 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 per cent to 23 kobos, from 7 kobos during the same period in 2021,” Ojediran said.

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