Transcorp Hotels Plc has announced it recorded gross revenue of N22bn in 2021, surpassing its 2019 pre-COVID revenue of N20bn.
Chairman of the board of directors Emmanuel Nnorom stated this at the conglomerate’s eighth annual general meeting held at Transcorp Hilton Abuja on Monday.
Nnorom said the company paid a total dividend of N717 million to its shareholders.
“Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year. During the year, Transcorp Hotels maintained its credit rating for the Company and the Bonds, as two prominent rating agencies affirmed the Company’s ‘stable’ outlook,” Mr Nnorom said.
“The pandemic changed the customer behaviour, arrival and departure patterns and the geographical business mix of the hotel. We harnessed all these and dominated the market as we outperformed the industry average and the N10bn revenue recorded in 2020.”
In her remarks, managing director/CEO of Transcorp Hotels Plc Dupe Olusola noted that occupancy — proportion of hotel accommodation occupied — which started at 55% in January grew steadily to an all-time high of 80% in December 2021. Average daily rate (ADR) also grew from N69,000 in January 2021 to N83,000 in December 2021.
“We remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021. We continued to reinforce our position as the all-round industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security,” Mrs Olusola added.
Also commenting on the results, chief finance officer of Transcorp Hotels Plc Oluwatobiloba Ojediran stressed that the company has continued its impressive performance despite the economic headwinds.
“Gross profit grew 143 percent to N16.23 billion for the year ended December 31, 2021, as against N6.67 billion reported in 2020. We also recorded a 114 percent growth in revenue to N21.74 billion from N10.16 billion in 2020,” Mrs Ojediran said.
In his comments, a shareholder Olatunde Okelana, while noting that Transcorp Hilton Abuja is the safest and most serene in Abuja, also added that one of the secrets to the success of Transcorp Hotels Plc is inclusiveness. “Look at the composition of the board,” he stressed, highlighting that 50% of the board members are women.
