Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group recently published its financial results for the first half (H1) of 2023. In the review half-year ended June 30, the leading hospitality brand achieved significant increase in both top and bottom-line figures.
The financial results
Looking at Transcorp Hotels Plc unaudited consolidated and separate financial statements for the period ended June 30, it shows that its revenue increased by 27percent to N18.98 billion in H1’23 from N14.99 billion recorded in the same period of 2022.
The company’s profit before tax (PBT) also witnessed an impressive upturn by 49percent, reaching N3.53 billion compared to N2.37 billion in H1 2022.
Its profit after tax (PAT) stood higher at N2.461billion in H1’23 as against N1.691billion in H1’22. Also, in the half year (H1) period of 2023, Transcorp Hotels Plc basic earnings per share (BEPS) increased to 24kobo from 17kobo in H1’22.
CEO speaks on H1’23 financials
“At Transcorp Hotels, our primary focus has always been to create exceptional experiences for our guests, and these remarkable financial results reflect the hard work and dedication of our entire team. We remain committed to innovation and service excellence, continually raising the bar to redefine the hospitality landscape in Africa,” said Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc.
While expressing her delight at the impressive growth achieved by the company in the first half of 2023, she noted that Transcorp Hotels remains committed to delivering value consistently to all stakeholders, and these achievements further bolster the company’s position as a market leader and a symbol of excellence in the Nigerian hospitality industry.
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Shareholders reap circa 500% return year-to-date (YtD)
Equities trading data at the Nigerian Exchange Limited (NGX) show Transcorp Hotels trades near a 52-week high of N39.5kobo per share as against a 52-week low of N6.05kobo. Investors in the stock market have continued to respond positively to the company’s performance in recent times, with the share price at N36.40 as at August 1 representing year-to-date (YtD) growth of 482.4percent.
The shareholders had at the company’s 9th Annual General Meeting held on April 3, passed among other resolution the payment of a dividend of 13kobo per ordinary share of 50kobo to shareholders whose names appeared in the Company’s Register of Members as at the close of business on March 17, 2023. The paid full year dividend for year 2022 amounted to N1.331billion (2021: N716.976million).
Business expansion continues
The company has continued to expand its business, launching Aura by Transcorp Hotels 2.0, its refreshed online platform for booking homes, hotels, and experiences. Through the platform, Transcorp Hotels now has more than 5,000 rooms under management.
The company is also developing a world-class 5,000-capacity Convention Centre at the premises of Transcorp Hilton Abuja which will further position the hotel to host both local and international conferences. In Lagos, Nigeria’s commercial capital, Transcorp Hotels Plc is working on development of a new 315-room 5-star hotel facility which would deliver upscale hospitality to clients in the region.
“Exciting things ahead,” Olusola enthused. “We are optimistic about the future – for our industry and the economy. We believe that people will look more inwards for relaxation and leisure, and we are well suited for this.”
The company
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking homes, hotels and memorable lifestyle experiences.
The Group is principally engaged in hospitality activities; rendering of hotel services by providing luxury accommodation, exotic cuisines, fully equipped meeting rooms and leisure facilities to business travellers and tourists from all over the world.
Transcorp Hotels Plc (the Company or the parent) was incorporated under the Companies and Allied Matters Act on July 12, 1994 as a private limited liability Company and is domiciled in Nigeria. Following a successful Initial Public Offer (IPO), the Company was in January 2015 listed on the Nigerian Exchange Group (formerly Nigerian Stock Exchange) and its shares are publicly traded.
Shares outstanding, free float and majority shareholders
Transcorp Hotels, which is listed on the Main Board (Hotels/Lodging sub-sector of the Services sector) of the Nigerian Exchange Limited (NGX) has 10,242,528,411 shares outstanding valued at N388.703billion.
Transcorp Hotels Plc with a free float percentage of 12.78percent as at June 30, is compliant with The Exchange’s free float requirements for companies listed on the Main Board. Likewise, the company with a free float value of N30.637billion as at June 30 is compliant with The Exchange’s free float requirements for companies listed on the Main Board.
The ultimate parent of the Company is Transnational Corporation Plc with 76.16percent (2022:76.16percent) shareholdings. Ministry of Finance Incorporated owns 11.04percent of the ordinary shares of Transcorp Hotels Plc (2022: 11.04percent).
Heirs Holdings Limited owns 42percent of the ordinary shares of Transcorp Hotels Ikoyi Limited (2022: 42percent). Transnational Corporation Plc and Heirs Holdings Limited own 20percent each of the ordinary shares of Aura by Transcorp Hotels Limited (2022: same).
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