Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has announced an outstanding financial performance for the 2022 financial year.
The company reported a profit before tax (PBT) of N4.5 billion, representing a 172 per cent rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021.
The leading hospitality brand also reported a 47 per cent growth in revenue to N31.4 billion in 2022.
Dupe Olusola, Managing Director/CEO Transcorp Hotels Plc, attributed the impressive results to the full-fledged return of the company’s International Business Travel segment and the continued strong leisure demand.
“The excellent financial performance we achieved in 2022, despite adverse economic conditions, is as a result of the detailed execution of our strategy, our out of the box approach, our nimbleness and unswerving commitment to delivering value to all our stakeholders,” she said.
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.
Transcorp Hotels Plc has continued to invest for the future through strategic expansion. The company is developing a world-class event center at the Transcorp Hilton premises in Abuja and another development, Transcorp Hilton Ikoyi, is expected to commence in Lagos soon.
The company has also expanded in Nigeria through its online booking platform Aura by Transcorp Hotels, with over 5,000 keys now in Transcorp Hotels’ portfolio, both in ownership and management.
“The company would continue to drive key investments in innovation and cost efficiency, including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies,” Nnorom said.
“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission.”
The shareholders at the meeting commended the management of Transcorp Hotels Plc for the superlative performance recorded in 2022, while also appreciating the myriad of awards in 2022 as testament to its leadership and quality of its offerings as Africa’s leading hospitality provider.
The Nigerian Exchange Group (NGX)-listed hospitality brand has continued to reinforce its position as a leader in the industry, winning 16 awards in 2022, including five World Travel Awards won by Transcorp Hilton Abuja and the most Outstanding hospitality brand of the year won by Transcorp Hotels Plc.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining hospitality standards.
The company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food, and memorable lifestyle experiences.
