Transcorp Hotels Records 172% PBT Growth, N31.4bn Revenue

Transcorp Hotels Plc has reported its financial results for the full year 2022.

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has reported its financial results for full year 2022. The company reported a profit before tax (PBT) of N4.5 billion, a 172 percent increase year-on-year, having ended 2021 with a PBT of N1.7 billion.

It also reported a 47 percent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year, and a N2.6 billion profit after tax.

 Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola, in her comments noted that Transcorp Hotels delivered another year of exceptional revenue growth amidst the uncertainty in the macro-economic conditions. 

Commenting on the results, Dupe Olusola, Managing Director/CEO, Transcorp Hotels said “This impressive achievement is the highest revenue generated since the inception of the Company. The full-fledged return of the International Business Travel segment and the bolstering leisure segment contributed immensely to this performance. We continuously strive to achieve a dynamic mix of schemes to efficiently manage hotel occupancy and guest experience.”

“Our excellent financial performance in 2022 is the direct result of our concerted efforts and commitment to deliver value to our stakeholders and customers. In 2023 and beyond, we will build on our strengths, stay agile; optimise our existing businesses, while identifying new opportunities.

“We remain committed to redefining hospitality in Africa through innovation and exceptional services as we unlock value for all our stakeholders,” Olusola added.

Olusola noted that the company’s Board has approved that the sum of N1.33 billion be paid to shareholders as dividends for the year ended December 31, 2022, which was subject to the shareholders’ declaration at its Annual General Meeting.

 

March 03, 2023