Transcorp Hotels Plc declares 172% PBT growth, N31.4bn revenue

Transcorp Hotels Plc has reported its financial results for full year 2022.

The group reported a profit before tax of N4.5bn, a 172 per cent increase year-on-year, having ended 2021 with a PBT of N1.7bn.

Transcorp Hotels Plc also reported a 47 per cent growth in revenue to N31.4bn in 2022 from N21.4bn the previous year. The group reported N2.6bn profit after tax.

The Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola, noted that Transcorp Hotels delivered another year of exceptional revenue growth amidst the uncertainty in the macro-economic conditions.

She 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.”

Olusola said the excellent financial performance in 2022, despite adverse economic conditions, was the direct result of concerted efforts and commitment to deliver excellent value to stakeholders and customers.

She added, “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 accelerate execution.”

Olusola noted that the company’s Board had approved N1.33bn to be paid to shareholders as dividends for the year ended December 31, 2022, which would be subject to the shareholders declaration at its Annual General Meeting.

The Chief Finance Officer, noted the company had 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 per cent in 2021 to14 per cent in the year 2022.

Ojediran also noted that Transcorp Hotels now has a combined 5000+ rooms, both in ownership and management through its online booking platform Aura by Transcorp Hotels.