…Hospitality Giant Reports Revenue of N7bn and Gross Profit of N5.1bn
The hospitality company which owns the iconic Transcorp
Hilton Abuja, Transcorp Hotels Calabar and online booking platform aura by
Transcorp Hotels, also recorded more than 600% growth in profit before tax
(PBT) to N1.067 billion from a loss of N203.7 million in the same period last
year.
The result is contained in the Company’s Unaudited Financial
Statements for the period ended 31 March 2022, published on the Nigerian
Exchange Group (NGX).
Commenting on the results, Mrs Dupe Olusola, Managing
Director/Chief Executive Officer of Transcorp Hotels Plc, expressed confidence
in the Company’s ability to sustain its growth trajectory.
“Our first quarter performance was driven by our relentless
innovation in all facets of our business, creating new and tailored business
and leisure offerings, while consistently improving guest experience to ensure
maximum value for every spend.
This has seen us record continuous growth from January
through March. Our leisure business remains strong on the back of strategies
employed following the pandemic, even as our International Business Travellers
continue to show impressive recovery. Q1 ended with a RevPAR growth of 74.4%
when compared with Q1 2021, and an ADR growth of 19.1%, even as we continue to
outperform industry average,” Dupe Olusola said.
Looking ahead, we expect to continue to see improvements
through the second quarter, as we remain committed to delivering exceptional
services and increase access to luxurious hospitality, in keeping with our
mission of redefining hospitality in Africa.
Also, as COVID-19 restrictions continue to reduce, we expect
business travel to accelerate which would further supplement the buoyant
leisure business,” the Managing Director/CEO added.”
In her comments, the Chief Finance Officer, Mrs.
Oluwatobiloba Ojediran, highlighted the outstanding performance of the Company,
stressing that the Group was able to strategically contain costs of operation
to achieve the optimal results.
“A notable level of operational efficiency was witnessed
during the quarter, as the operating expense margin reduced from 58% in Q1 2021
to 45% Q1 2022, despite the impressive 77% year-on-year growth in Revenue.
Also, the Gross profit margin was sustained at 73%,” Mrs. Ojediran said.
“This is amidst Nigeria’s inflation rate which climbed to 15.92%
in March 2022, from 15.6% in December 2021, the fastest rise in consumer prices
since last October 2021. Also, prices of diesel, which is used to power most
businesses, more than doubled within the same period.
As demand continues to rise, the hospitality company has
disclosed plans to expedite the commencement of planned developments in Lagos
and Port Harcourt, even as it continues to expand its reach via its online
booking platform, aura by Transcorp Hotels, which allows people to book hotels
and short let apartments, experiences, and order food anywhere in Nigeria. The
Company is also developing a world-class event center at the Transcorp Hilton,
Abuja.
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