• Monday, June 17, 2024
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Innovation drives Transcorp Hotels’ revenue growth by 114%

Innovation drives Transcorp Hotels’ revenue growth by 114%

Transcorp Hotels Plc, one of Africa’s leading hospitality companies, has announced a 114 percent growth in revenue to N21.74bn in its audited financial statements for the full year ended December 31, 2021, from N10.16bn in December 2020.

The results published on the Nigerian Group Exchange showed that gross profit rose by 143 percent to N16.23bn in 2021 from N6.67bn in the previous year, driven by innovation.

The Company’s results show impressive growth in its performance signalling its strong recovery from the impact of the COVID- 19 pandemic in 2020.

The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve outstanding performance, breaking occupancy, and revenue records in 2021.

“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy,” said Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand. We are launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Olusola added. “We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”

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Emmanuel Nnorom, Chairman, Transcorp Hotels in his comments said he expects the hospitality industry to continue to recover in 2022.

“As the domestic leisure, business and the Bleisure segment — corporate travellers which also add leisure activities into their stay – continue to expand, even as international guests return, we expect the hospitality industry to continue its recovery,” Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.

“Having steered the business out of the effects of the pandemic, and back to profitability, our management team has shown the resilience and potential of our business, as well as a sign of the bright future that lies ahead. Backed by a Board committed to corporate governance and organisational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns, “Nnorom added.

The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the pace in the industry, reinforcing its position as a leading hospitality brand. In the second half of 2021, the Company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book diverse kinds of experiences, including tours. Transcorp Hotels has continued to strengthen its business and invest for the future. The Company is developing a world-class event center at the Transcorp Hilton premises in Abuja. It is also working on a Lifestyle Center/Hotel in Lagos, one expected to rival the best of its kind globally.

The hospitality brand maintains that its activities are in furtherance of its mission to redefine hospitality standards in Africa through innovation and exceptional service, creating value for its customers and other stakeholders.

Transcorp Hotels Plc has proposed a final dividend of 7 Kobo per share, subject to appropriate withholding tax and shareholders’ approval.