Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has released its financial report for the full year 2022, which showed impressive growth in revenue and profit.
The company recorded a profit before tax (PBT) of N4.5 billion, representing a 172% increase from the N1.7 billion it reported in 2021.
It also recorded a 47% growth in revenue, which rose from N21.4 billion to N31.4 billion in 2022, while its profit after tax was N2.6 billion.
Despite the hike in costs of supplies caused by the negative macro-climate, the company’s continued efforts to drive cost efficiencies resulted in an improved net profit margin that doubled from 7% in 2021 to 14% in 2022.
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However, the company recorded about a 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.
Speaking on the results, the Managing Director/CEO of Transcorp Hotels, Dupe Olusola, expressed her delight at the company’s performance.
She stated that “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.”
Olusola went on to say that the company’s excellent financial performance in 2022 is the direct result of its concerted efforts and commitment to deliver value to its stakeholders and customers.
She added that in 2023 and beyond, the company will build on its strengths, stay agile, optimize its existing businesses, and identify new opportunities. “We remain committed to redefining hospitality in Africa through innovation and exceptional services as we unlock value for all our stakeholders,” she said.
Meanwhile, the board of the company 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.
It is worth noting that Transcorp Hotels 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.
The platform is available on Google Play and Apple App store and on the web via aura.transcorphotels.com.