By Aondowase Agabi
Transcorp Hotels Plc has posted N31.4bn unprecedented profit in 2022.
The performance of the 2022 financials was very strong in 2022 compared to the 2021 results.
Presenting the company’s 2022 performance to the shareholders at the 2023 annual general meeting held in Abuja on Monday, the Chairman Transcorp Hotels Plc, Mr. Emmanuel N. Nnorom Chairman said: “The Group closed the 2022 financial year with a revenue of N31.4bn, being an impressive growth of 47% above the N21.4bn in the previous year. This is the highest-ever annual revenue since the inception of the Company.”
Similarly, he said the Group “recorded a Gross Profit of N22.4bn representing a growth of 41% above the N15.9bn recorded in 2021.”
“The year came with its unique set of challenges which revealed our strength as shown in the disciplined and dynamic operational excellence that drove our 2022 performance. With the resultant 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 increased from 7% in 2021 to 11% in the year 2022” he further stated.
He said the the focus of the company is on strategic financial management which remained beneficial as the company exercised firm discipline in capital allocation.
Dupe Olusola, the Managing Director/CEO Transcorp Hotels Plc in her statement also said the Group delivered another exceptional year of revenue growth with a 47 percent increase to N31.4bn in 2022 from the N21.4bn recorded in 2021.
“This impressive achievement is the highest revenue generated since the inception of the hotel and has set the Group above pre-COVID performance levels” she reiterated.
According to her, “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.”
She said the company’s “exceptional financial performance in 2022 despite adverse economic conditions is the direct result of our converted efforts and commitment to deliver value to our stakeholders and customers, with a gross profit of N22bn achieved, a 41 percent increase against the previous year at N16bn.”
On expansions she explained that Transcorp Hotels has expanded its horizon and push for new frontiers, as it remained committed to exploring profitable businesses while it drive to complete pipeline projects and initiatives.
She said “Aura by Transcorp Hotels” one of the Transcorp Hotels flagship product remain competitive.
She said the product was developed in response to emerging trends and customer preferences, adding that they have upgraded and relaunched the hospitality tech platform – Aura.
“The Aura 2.0 release is loaded with state-of-the-art functionalities and a very exciting user interface. With over 5,000 rooms and counting across different hotels and apartments nationwide, Aura by Transcorp Hotels is a platform that has enabled us to expand very quickly to places that would have otherwise taken us many years to 38 \ Sustaining Growth reach. Through Aura by Transcorp Hotels, we will continue to leverage the power of technology to fast-track the growth of the accommodation and leisure segments of our business” she noted.
Existing offerings like Bukka Restaurant also received facelift she said.
“Our flagship restaurant, Bukka, was renovated to give it the much-needed transformation and value-adding improvements. The interior was designed with artwork and close-up flowering that will reinvigorate and generate excitement for both new and existing customers, consequently, driving foot traffic and a boost in customer spending.”
On Gym Upgrade she said in line with the 2022 asset optimization strategy, the hotel carried out a holistic upgrade of Gym changing areas. “This upgrade also included the addition of state-of-the-art steam rooms and saunas. This is aimed at improving the guest experience for gym members and external guests.”
On the introduction of Spa at Transcorp Hilton Abuja she said “inpartnership with a leading Spa Operator in Nigeria, we introduced a best-in-class Spa at Transcorp Hilton Abuja with the aim to improve our in-house facilities and increase guest satisfaction. The Spa offers therapeutic and timeless treatments in an Intimate, indulgent environment featuring innovative spa treatments, magnificent facilities, and the most gracious, expert service.”
On the Company’s strategic priorities for 2023, she said: “As we look forward to building on the successes and strengths of 2022, we would continuously review our business strategies, to optimize our existing businesses, identify new opportunities and accelerate execution.”
“We plan to deliver a world-class event centre at Transcorp Hilton Abuja, set to be the largest in the city, taking advantage of the ever-growing demand for event locations in the city and neighbouring states and towns.”