Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc. (Transcorp Group), has recorded 77.4% growth in revenue to N7.04 billion for the first quarter of 2022, up from N3.97 billion in the same period in 2021.
The hospitality company, which owns the iconic Transcorp Hilton Abuja, Transcorp Hotels Calabar and online booking platform aura by Transcorp Hotels, also recorded more than 600% growth in profit before tax (PBT) to N1.067 billion from a loss of N203.7 million in the same period last year.
The result is contained in the company’s unaudited financial statements for the period ended March 31, 2022, published on the Nigerian Exchange Group (NGX).
Commenting on the results, Dupe Olusola, managing director/chief executive officer of Transcorp Hotels Plc, expressed confidence in the company’s ability to sustain its growth trajectory.
“Our first quarter performance was driven by our relentless innovation in all facets of our business, creating new and tailored business and leisure offerings, while consistently improving guest experience to ensure maximum value for every spend,” she said.
“This has seen us record continuous growth from January through March. Our leisure business remains strong on the back of strategies employed following the pandemic, even as our International Business Travellers continue to show impressive recovery. Q1 ended with a RevPAR growth of 74.4% when compared with Q1 2021, and an ADR growth of 19.1%, even as we continue to outperform industry average.”
Looking ahead to the second quarter, Olusola said, “…We remain committed to delivering exceptional services and increase access to luxurious hospitality, in keeping with our mission of redefining hospitality in Africa. Also, as COVID-19 restrictions continue to reduce, we expect business travel to accelerate which would further supplement the buoyant leisure business.”
In her comments, the chief finance officer, Oluwatobiloba Ojediran, highlighted the outstanding performance of the company, stressing that the Group was able to strategically contain costs of operation to achieve the optimal results.
The hospitality company has disclosed plans to expedite the commencement of planned developments in Lagos and Port Harcourt. It is also developing a world-class event centre at the Transcorp Hilton, Abuja.
