FY'21: Transcorp Hotels Revenue Grows by 114% to N21.74bn

Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021.

Transcorp Hotels Plc recorded 143 percent growth in its profits in full year 2021 ended December 31, 2021 to N16.23bn from N6.67bn recorded in the corresponding period of 2020.

This is according to the firm’s Audited Financial Statements for the full year published on the Nigerian Group Exchange.

The also show 114% growth in Revenue to N21.74bn from N10.16bn as of December 2020.

The Company’s results signals recovery from the impact of the COVID- 19 pandemic in 2020.

Commenting on the results, Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc, said, “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,”

“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 on launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Mrs. 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.”

Mr. Emmanuel Nnorom Chairman Transcorp Hotels Plc. 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,” Mr 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,” Mr Nnorom added.

March 02, 2022