Transcorp Hotels posts N22bn profit, N717m dividend

Transcorp Hotels Plc, Nigeria’s biggest hotel group, has posted a gross profit of N22 billion for the financial year ended December 31, 2021.

Transcorp Hotels also got shareholders’ approval to pay out a total dividend of N717m to its shareholders at its eighth Annual General Meeting (AGM) held at the Transcorp Hilton, Abuja, on Monday.

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While giving snippets into the financials, the chairman of the board of directors, Mr Emmanuel Nnorom, stated that the company’s N22bn gross revenue position surpassed its 2019 pre-COVID revenue of N20bn.

Mr Nnorom said, “The pandemic changed the customer behaviour, arrival and departure patterns and the geographical business mix of the hotel. We harnessed all these and dominated the market as we outperformed the industry average and the N10bn revenue recorded in 2020.

In her remarks, the managing director/CEO of Transcorp Hotels Plc, Mrs Dupe Olusola, noted that occupancy rate which started at 55 per cent in January, grew steadily to an all-time high of 80 per cent in December 2021.

She also stated that the average daily rate (ADR) also grew from N69,000 in January, 2021, to N83,000 in December, 2021.

Mrs Olusola further said, “We will continue to innovate and optimise all the facets of our business, from operational efficiency to guest engagement, and bolstering direct revenue. The good cost-saving habits and financial strengths that we cultivated during nearly two years of volatile market conditions will be enhanced.”