Transcorp Hotels records 84% revenue increase in unaudited half-year results

Dupe Olusola_MDCEO of Transcorp Hotels Plc

Transcorp Hotels Plc has announced its unaudited financial statements for the half year (HY) ended June 30, 2021.

The results published on the Nigerian Exchange Group showed that revenue rose by 84% to N8.4bn from N4.5bn in June 2020, while total assets rose by 5.27% to N119bn from N113bn during the period under review. Shareholders’ funds stood at N61bn, maintaining its year-end 2020 level.

The company’s results are a testament to its resilience, recording a 97% improvement year-on-year, with a Loss Before Tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020.

“Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions,” said MD/CEO of Transcorp Hotels Plc Dupe Olusola.

“We saw demand improve at impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points. For example, occupancy was 67.2 percent in June, growing from 44.8 percent in January.”

Commenting further, Mrs Olusola stated: “We are encouraged by the signs of complete recovery in our corporate and group bookings, as companies begin to return to full operations and more physical meetings are held. In the meantime, we remain diligent in the execution of other initiatives for the year, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touchpoints.”

The hospitality brand had recently launched Aura, an online platform for booking accommodation, staycations, great food and memorable lifestyle experiences. Olusola said Aura will help Transcorp Hotels to further redefine hospitality, grow domestic tourism and contribute to Nigeria’s economic growth, in line with the company’s purpose of improving lives and transforming Nigeria.

Speaking on Transcorp Hotel’s remarkable performance, the chief finance officer Oluwatobiloba Ojediran said, “We have seen an upward trend in our quarterly performance with a revenue of N4 billion in Q1 2021 to N4.8 billion in Q2 2021, resulting in a total revenue performance of N8.8 billion. This is an impressive performance as it represents 94% of the N9.3 billion revenue that was recorded in the pre-COVID H1 2019.”