Transcorp Hotels Plc, a leading hospitality brand, has issued its financial results for full year 2022, posting a profit before tax of N4.5 billion, representing an increase of 172 percent year-on-year from N1.7 billion in 2021.
The company also reported a 47 per cent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year, while the Group reported a N2.6 billion profit after tax.
Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, in her comments, noted that Transcorp Hotels delivered another year of exceptional revenue growth amidst the uncertainty in the macro-economic conditions.
Olusola said: “This impressive achievement is the highest revenue generated since the inception of the Hotel and has set the Group above pre-COVID performance levels.
“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 business types closely managing our hotel occupancy and guest experience.
“Our excellent financial performance in 2022, despite adverse economic conditions, is the direct result of our concerted efforts and commitment to deliver excellent value to our stakeholders and customers.
“In 2023 and beyond, we will build on our successes and strengths and continuously review our business strategies to optimize our existing businesses, identifying new opportunities and accelerating execution.”
She stated 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 is subject to the shareholders declaration at its Annual General Meeting.
Oluwatobiloba Ojediran, Chief Finance Officer, said the company has continued to maintain its disciplined approach to financial management during the year under review.
Ojediran said: “With the hike in costs of supplies caused by negative macro-climate, our continued efforts to drive cost efficiencies resulted in an improved net profit margin which doubled from 7 per cent in 2021 to14 per cent in the year 2022.
“Our focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation.
“We recorded about 2 per cent increase in finance costs over the previous year despite the cessation of the previously enjoyed COVID-19 concessions on interest rate granted by lenders.”
The CFO added that with strict adherence to the set strategies and financial discipline, the company will continue experience positive improvement in its performance in 2023.
Also highlighting some non-financial figures, Ojediran noted that Transcorp Hotels now has combined 5000+ rooms, both in ownership and management through its online booking platformm Aura by Transcorp Hotels.
With Aura by Transcorp Hotels, users can book top quality hotels, unique homes and experiences from all parts of Nigeria.
Aura by Transcorp Hotels is available on Google Play and Apple App store, and also on web via aura.transcorphotels.com.
