Transcorp Plc's profit leaps by 147% strong Q1 2022 performance
L-R: Vice-Chairman, Mrs Foluke Abdulrasaq; President, Transcorp Group, Mrs Owen Omogiafo; Group Chairman, Mr Tony O Elumelu, CON; Company Secretary, Mrs Kofo Olokun-Olawoyin; Non-Executive Directors- Mr. Emmanuel Nnorom and Mrs Toyin Sanni at the 16th Annual General Meeting of Transnational Corporation Plc(Transcorp), held in Abuja on Thursday

Transcorp Hotels Plc has posted N14.99 billion revenue for the half year ended June 30, 2022. The performance was an improvement compared with N8.77 billion revenue achieved during same period in 2021.

Profit before tax grew to N2.37 billion in 2022 from a loss of N110.74 million during the same period in 2021.

Occupancy averaged at 79 per cent at the hotel’s flagship property, Transcorp Hilton Abuja during the first half of the year, as the global economy continues to open and travel, and tourism recovery continues. This is a massive improvement on the previous year when the hotel recorded an occupancy rate of 54 percent over the same period.

Managing Director/ CEO of Transcorp Hotels, Dupe Olusola,  said that Transcorp Hotels Plc’s properties in Abuja and Calabar remain the first-choice destination for high-profile guests, catering to guests from all over the world for any travel need including business and leisure.

“We have delivered an excellent performance in the first half of the year. We are constantly innovating and tailoring our services to the needs of our guests. We are particularly proud of the spectacular performance in our domestic tourism and leisure segment despite the recovery in our International Business Traveller (IBT) and Group Business Segments. Our IBT and Group business segments have continued to recover and contribute significantly to our growth. This is a testament to our commitment to continually create value for our customers and stakeholders in line with our corporate mission,” she said.

Our half-year performance has strengthened our confidence in our ability to continue to grow and improve profitability, ensuring great returns to our shareholders,” the Managing Director/CEO added.

The company is also developing an event centre at Transcorp Hilton Abuja which will be equipped to host major events in the capital city. The project is expected to be completed in March 2023.

Transcorp Hotels is also working on extending the rooming at Transcorp Hilton Abuja to cater to the frequent overflow, as the hotel remains first choice for guests in Abuja. Other projects are billed for Lagos and Port Harcourt.

The Chief Finance Officer, Mrs. Oluwatobiloba Ojediran, while commenting on the results highlighted the stellar performance of the Company and stressed the importance of continuous improvement in operational efficiency which has supported growth.

“Our robust performance is in spite of rising consumer prices, including the price of diesel which escalated to an all-time high during the period under review,” Mrs. Ojediran said.

The Company continues to set the standard in the hospitality industry with innovative ideas, focus on excellence, execution, and enterprise as its core values that help to sustain its exceptional performance, as demand continue to rise.


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