Transcorp hotels grow revenue to N31.4bn in 2022

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has reported a 47 per cent growth in its revenue to N31.4 billion in 2022.

The company also reported a profit before tax (PBT) of N4.5 billion in 2022, a 172 per cent increase year-on-year, after recording N1.7 billion in 2021.

Management of the hotel stated this yesterday in Abuja at its 9th annual general meeting.

Commenting on the results, Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc said, “We are excited to have delivered another exceptional year of revenue growth with a 47% increase to N32 billion in 2022 from the N21.7 billion recorded in 2021. The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance. 

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“The financial performance we achieved in 2022, despite adverse economic conditions, is as a result of the detailed execution of our strategy, our out-of-the-box approach, our nimbleness and unswerving commitment to delivering value to all our stakeholders,” she said.

The Chairman of the Board of Directors, Emmanuel Nnorom also announced a total dividend payment of N1.33 billion at 13 kobo per share

“Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, “the chairman added.

Mr. Nnorom further stated that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies.

“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the chairman said.