Transcorp Hotels Plc, Nigeria’s premium hospitality brand, has reported its financial results for full year 2022 with 172 percent profit before tax (PBT) growth and N31.4 billion revenue.
The financials showed that.the Group 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.
Transcorp Hotels Plc also reported a 47 percent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year. The Group also reported a N2.6 billion profit after tax.
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.
Oluwatobiloba Ojediran, Chief Finance Officer, in her comments noted the company has continued to maintain its disciplined approach to financial management during the year under review.
” 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% in 2021 to14% in the year 2022.
Our focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation. We recorded about 2% 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 stated, adding 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 a combined 5000+ rooms, both in ownership and management through its online booking platform 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.